3.0 Management Letter 3.1 Staff Debtors 163. Gambling Authority  2.0 Accounts 2.1 Audit Opinion 2.2 Financial Results The following was one significant matter raised by the auditors  and the management response thereto:  The auditors noted that in addition to the matter of per diem  allowances discussed in the prior year, the former Finance  Manager had outstanding balances with the Authority amounting to P65 237.90.  In response management stated that in pursuit of the recovery of  the outstanding debt, the Authority’s legal team is handling the  matter with a view to serving the former employee with a letter  of demand. The financial statements of the Gambling Authority for the financial  year ended 31 March 2018 were audited by Messrs PricewaterhouseCoopers, Certified Auditors, who were appointed by  the Board in terms of Section 20 of the Gambling Act, 2012. In the opinion of the auditors:  The financial statements presented fairly, in all material respects,  the financial position of the Gambling Authority 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.  In the year under review, the Authority recorded a profit of P3.11  million, compared to a restated profit of P1.74 million in the  previous year. Income increased by 36% from P27.14 million in the  previous year to P36.96 million in the year under review, while on  the other hand expenditure increased by 33% from P23.40 million  in the previous year to P33.85 million in the year under review.  175 