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## 3.3 Raising Invoices For Services Not Yet Rendered 

The auditors noted that management had raised invoices for registration fees before receipt of application forms. Details of such instances are given below. 

<img src='content_image/451304.jpg'>

In response management indicated that they had submitted a request to open a collection account with the bank which would not allow any payment to be made without referencing to an invoice. Furthermore, invoices would only be raised against documentation on charges from the relevant function e.g. institutional audit for audit invoices. The new account would be widely communicated to all stakeholders. 

## 150. Botswana Railways 

The financial statements of Botswana Railways (BR) for the financial year ended 31 March 2018 were audited by me in terms of Section 22 of the Botswana Railways Act (Cap 70:01). 

## 2.0 Accounts 

## 2.1 Audit Opinion 

## In my opinion: 

The financial statements presented fairly, in all material respects, the consolidated and separate financial position of the Botswana Railways as at 31 Mach 2018, and its consolidated and separate financial performance and its consolidated and separate cash flows for the year then ended, in accordance with International Financial Reporting Standards. 

## 2.2 Financial Results 

The audited financial statements for the year under review showed a profit of P48.62 million for the organisation, compared to a loss of P43.13 million recorded during the previous year. The improvement in performance was mainly attributable to an 

