238 Statutory Instruments 15th June, 2012 (2) The account referred to in subregulation (1) shall be called a “universal service account”and shall bear the name of the universal access provider that opens the account. (3) A person who contravenes sub-regulation (1) commits an offence and is liable, upon conviction, to a fine. Accounting and auditing of universal access funds 25. (1) The universal service provider to which the money is disbursed shall, every three months, and at the end of the implementation of the proposed development, present a report to the manager concerning the proposed project. (2) The report referred to in subregulation (1) shall include (a) a statement showing income and expenditure; (b) a statement as to whether more funds are required; and (c) a forecast of future requirements;. (3) The universal service account shall be audited annually by independent auditors appointed by the Fund. (4) Termination of agreement The auditor’s fees shall be paid by the Fund. 26. (1) The Authority shall terminate an agreement with a manager relating to the administration and management of a Fund account if the manager— (a) breaches any terms and conditions of the agreement; (b) ceases to qualify to administer and manage the Fund account in accordance with these Regulations; or (c) contravenes any provision of the Act or these Regulations. (2) A manager shall, where the Authority terminates an agreement with the manager pursuant to sub-regulation (1), comply with any other directives from the Authority relating to the money advanced to the manager under these Regulations. Accounting and auditing of Fund 27. (1) A manager shall cause to be kept proper books of account and other records relating to the Fund. (2) The accounts of the Fund shall be audited annually by independent auditors appointed by the Authority with the approval of the Auditor-General. (3) Annual report The auditor’s fees shall be paid by the Fund. 28. (1) As soon as practicable, but not later than sixty days after the end of the financial year, a manager shall submit to the Authority a report concerning the manager’s activities during the financial year.