138. Botswana Institute of Chartered Accountants  2.0 Accounts 2.1 Audit opinion In the opinion of the auditors:  2.2 Financial Results 2.3 Working Capital 3.0 Management Letter The financial statements of the Botswana Institute of Chartered Accountants for the financial year ended 31 December 2017 were  audited by Goel & Associates, Certified Auditors, who were appointed  by the Members in terms of Section 53 (2) of the Accountants Act,  2010.  The financial statements presented fairly, in all material aspects,  the financial position of the Botswana Institute of Chartered  Accountants as at 31 December 2017, and of its financial  performance and its cash flows for the year then ended, in  accordance with International Financial Reporting Standards.  The financial operations of the Institute for the year ended 31  December 2017 showed a surplus of P4.62 million, compared to  a deficit of P1.17 million in the previous year. Income increased  by 28% from P19.38 million in the previous year to P24.90 million in  the year under review, while expenditure decreased slightly by  1.3% from P20.55 million in the previous year to P20.28 in the year  under review.  The increase in income was mainly because of 78% increase in  government subvention from P4.55 million in the previous year to  P8.10 million in the current year.  As at 31 December 2017, the working capital position of the  Institute showed current assets of P17.30 million and current  liabilities of P8.83 million, resulting in a net current assets position  of P8.47 million.  The following are some of the matters raised by the auditors and  the management response thereto:  134 