Upon the receipt of such a petition the commission will conduct a public hearing or make such other investigation as it shall deem necessary, and if it be found that proper and adequate regulation does not require the keeping of accounts in compliance with the system of accounts applicable to corporations primarily engaged in the public utility business or the filing of the type of annual reports required to be filed by such utility corporations, the petitioning corporation may be relieved from keeping its records and accounts in accordance with the applicable system of accounts prescribed by this commission but instead be authorized to keep only such accounts as shall be directed, and may be further authorized to file, in accordance with the requirements of section 3.5 of this Title, such form of annual report as may be prescribed.