The main source of income was dividend of P11.70 million from the investment with Botswana Building Society, compared to P12.28 million in the previous year. Expenditure on the other hand was P2.77 million covering among others, management fees of P750 012 and market-maker role fees of P961 414. 

## 2.3 Working Capital 

The working capital position of the company as at 31 March 2018 showed current assets of P34.91 million and current liabilities of P2.12 million, giving a net current assets position of P32.79 million. 

The current liabilities included the balance of P1.90 million received from Government through the Public Enterprises Evaluation and Privatisation Agency for the company to play the role of market-maker in the purchase and sale of Botswana Telecommunications Corporation Limited shares. There were no repayment terms for this payment. 

## 3.0 Management Letter 

The auditors indicated that they did not issue a management letter as there were no significant control deficiencies identified. 

## 149. Botswana Qualifications Authority 

The financial statements of Botswana Qualifications 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 23 (2) of the Botswana Qualifications Authority Act, (No. 24 of 2013). 

## 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 Botswana Qualifications Authority as at 31 March 2018, and its financial performance and its cash flows for the year then ended, in accordance with the International Financial Reporting Standards. 

