Johannesburg - The South African Sports Confederation and Olympic Committee (SASCOC) says the troubled national football association must submit a report on its finances every six months for the next two years.
SASCOC also decided on Wednesday to appoint a three-member finance team "to meet with SAFA regarding its current financial position."
Despite South Africa hosting the first World Cup in Africa four years ago, SAFA is reported to be in significant debt.
The Olympic committee also threatened in its statement to "intervene to regularize the finances" of SAFA if the problems weren't solved in two years.
SAFA is headed by 2010 World Cup chief organizer Danny Jordaan.
A report last year said the association was around $10 million in debt despite the apparent success of that tournament.