178. Vision 2036 Council  179. Water Utilities Corporation  2.0 Accounts 2.1 Audit Opinion 2.2 Financial Results 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.  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. 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).  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).  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  197 