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(1) The Commission shall maintain proper accounts of the USP Fund and as soon as practicable after the end of each financial year of the Commission, cause to be prepared for that financial year an annual report and statement of accounts of the USP Fund which shall include a balance sheet and a statement of income and expenditure.

(2) The Commission shall cause the statement of accounts prepared under subregulation (1) to be audited by independent auditors appointed by the Commission.

(3) The Commission shall monitor all universal service provision activities under these Regulations and report to the Minister at the end of each financial year.

(4) The annual report and statement of accounts prepared under subregulation (1) shall be in such form as specified by the Commission and shall contain such information relating to the proceedings and policies of the Commission and any other matters as the Minister may, from time to time, specify.

(5) The Commission shall publish the annual report and statement of accounts, in the manner it deems appropriate, as soon as practicable following the date on which the Commission conveys the report and statement to the Minister.