Two funds under the control and supervision of the Communications and Multimedia Commission (MCMC) will be audited, Communications and Multimedia minister Gobind Singh Deo said today. 

The independent audit comes, Gobind said, following concerns raised by certain parties on the handling of the two funds, namely the MCMC Fund and the Universal Service Provision (USP) Fund.

The minister will announce the auditor and the time frame for the audit to be completed by next week.

"The purpose of this audit is to verify the said accounts, and to enhance transparency over the use of the said funds in the past," he told the media at a press conference in Putrajaya today.

According to Gobind, financial statements from the commission show that the MCMC fund stood at about RM800 million as at Dec 31, 2016, while the USP fund stood at RM8.5 billion.

The MCMC fund, set up under the Communications and Multimedia Commission Act 1998, is used for the commission's financial requirements, while the USP fund is used to provide communications and Internet access to rural areas via infrastructure projects.

Gobind said telcos contribute a percentage of their net revenue towards these funds which are managed by the MCMC.

"The audit should highlight any shortcomings in the use of the said funds if any, and any problems in the process of awarding and implementation of awards and projects under these funds."

Gobind also expressed his hope that the MCMC will render the auditor their full assistance and cooperation so as to complete the audit as soon as possible.