## 138. Botswana Institute of Chartered Accountants 

The financial statements of the Botswana Institute of Chartered Accountants for the financial year ended 31 December 2017 were audited by Goel & Associates, Certified Auditors, who were appointed by the Members in terms of Section 53 (2) of the Accountants Act, 2010. 

## 2.0 Accounts 

## 2.1 Audit opinion 

## In the opinion of the auditors: 

The financial statements presented fairly, in all material aspects, the financial position of the Botswana Institute of Chartered Accountants as at 31 December 2017, and of its financial performance and its cash flows for the year then ended, in accordance with International Financial Reporting Standards. 

## 2.2 Financial Results 

The financial operations of the Institute for the year ended 31 December 2017 showed a surplus of P4.62 million, compared to a deficit of P1.17 million in the previous year. Income increased by 28% from P19.38 million in the previous year to P24.90 million in the year under review, while expenditure decreased slightly by 1.3% from P20.55 million in the previous year to P20.28 in the year under review. 

The increase in income was mainly because of 78% increase in government subvention from P4.55 million in the previous year to P8.10 million in the current year. 

## 2.3 Working Capital 

As at 31 December 2017, the working capital position of the Institute showed current assets of P17.30 million and current liabilities of P8.83 million, resulting in a net current assets position of P8.47 million. 

## 3.0 Management Letter 

The following are some of the matters raised by the auditors and the management response thereto: 

