The auditors recommended for the entity to conclude the policy which had been undergoing review for a prolonged time, and seek approval of the board and thereafter carry out its operations within the parameters of the policy. 

In response management indicated that the delay in the review of the policy was occasioned by the workshop that was proposed by PPADB for parastatals to align their policies to the PPADB policy and Act. Further management stated that the workshop was postponed several times and eventually held in July 2018. There were many significant changes that were required and BIH had resolved to engage a consultancy to undertake a comprehensive review incorporating all PPADB requirements. Management also committed to reviewing and approving the policy during the 2018/19 fiscal year. 

## 136. Botswana Institute for Development Policy Analysis 

The financial statements of Botswana Institute of Development Policy Analysis for the financial year ended 31 March 2018 were audited by Messrs Grant Thornton, Certified Auditors, who were appointed by the Trustees in terms of the Deed of Trust, (MA 16/95). 

## 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 Institute of Development Policy Analysis 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 Institute recorded a surplus of P1.01 million (before loss on property revaluation of P238 927), compared to a surplus of P4.68 million in the previous year. Income declined by P1.12 million (4%) from P28.04 million in the previous year to P26.92 million in the year under review, while expenditure on the other hand increased by P2.54 million (11%) from P23.36 million to P25.91 million during the same period. 

