its sub-committees have since been constituted, and the accounts would be forwarded as soon as they are approved. 

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

## 178. Vision 2036 Council 

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. In the case of Vision 2036, as Vision 2016 had been dissolved in November 2016 and Vision 2036 Council was not established until November 2017 it is not expected that there would be substantive accounts for the year under review. The Chief Executive Officer has explained that expenditures incurred in this period were under the accounts of the Office of the President. 

## 179. Water Utilities Corporation 

The financial statements of the Water Utilities Corporation for the financial year ended 31 March 2018 were audited by Messrs PricewatehouseCoopers, Certified Auditors, who were appointed by the Board in terms of Section 25 (2) of the Water Utilities Corporation Act, (Cap 74:02). 

## 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 Water Utilities Corporation 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 and the requirements of the Water Utilities Corporation Act, (Cap 74:02). 

## 2.2 Financial Results 

In the year under review, the Corporation recorded a profit of P513.46 million, compared to a loss of P137.39 million in the previous year. The significant improvement in performance is 

