173. Public Enterprises Evaluation and Privatisation Agency  174. Public Procurement and Asset Disposal Board  2.0 Accounts 2.1 Audit Opinion which were of interest only to management, hence did not merit  mention in this report.  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.  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). 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).  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  2.2 Financial Results 188 