which were of interest only to management, hence did not merit mention in this report. 

## 173. Public Enterprises Evaluation and Privatisation Agency 

As part of my writing of this report, and in line with the long standing arrangement with the Public Accounts Committee, I had circularized all statutory bodies and state-owned enterprises requesting them to forward to me copies of their audited financial statements and reports for purposes of review and inclusion of the review results in this report. The Chief Executive Officer had responded stating that they were unable to do so as the Agency did not have a Board of Directors. 

Consequently, I have not been able to carry out the review of the accounts of the Agency for the financial year ended 31 March 2018 for the benefit of the National Assembly. 

## 174. Public Procurement and Asset Disposal Board 

The financial statements of the Public Procurement and Asset Disposal Board for the financial year ended 31 March 2018 were audited by Messrs Ernst & Young, Certified Auditors, who were appointed by the Board in terms of Section 58 (8) of the Public Procurement and Asset Disposal Act, (Cap 42:08). 

## 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 Public Procurement and Asset Disposal Board for the year ended 31 March 2018, and of its financial performance and cash flows for the year then ended, in accordance with International Financial Reporting Standards and in the manner required by the Public Procurement and Asset Disposal Act, (Cap 42:08). 

## 2.2 Financial Results 

In the year under review, the Board recorded a loss of P4.86 million before a revaluation gain in properties of P618 912, compared to a loss of P540 837 recorded in the previous year. The main contributor to the deterioration in performance was an increase in expenditure of 12% from P74.45 million in the previous year to P83.83 million in the year under review, mainly due to a 

