## 3.0 Management Letter 

The following was one significant matter raised by the auditors and the management response thereto: 

## 3.1 Staff Debtors 

The auditors noted that in addition to the matter of per diem allowances discussed in the prior year, the former Finance Manager had outstanding balances with the Authority amounting to P65 237.90. 

In response management stated that in pursuit of the recovery of the outstanding debt, the Authority’s legal team is handling the matter with a view to serving the former employee with a letter of demand. 

## 163. Gambling Authority 

The financial statements of the Gambling Authority for the financial year ended 31 March 2018 were audited by Messrs PricewaterhouseCoopers, Certified Auditors, who were appointed by the Board in terms of Section 20 of the Gambling Act, 2012. 

## 2.0 Accounts 

## 2.1 Audit Opinion 

In the opinion of the auditors: 

The financial statements presented fairly, in all material respects, the financial position of the Gambling Authority as at 31 March 2018 and of its financial performance and cash flows for the year then ended, in accordance with International Financial Reporting Standards. 

## 2.2 Financial Results 

In the year under review, the Authority recorded a profit of P3.11 million, compared to a restated profit of P1.74 million in the previous year. Income increased by 36% from P27.14 million in the previous year to P36.96 million in the year under review, while on the other hand expenditure increased by 33% from P23.40 million in the previous year to P33.85 million in the year under review. 

