3.0 Management Letter 162. Competition Authority  2.0 Accounts  2.1 Audit Opinion In the opinions of the auditors:  2.2 Financial Results 2.3  Working Capital The auditors had issued a management letter and the matters  raised dealt with accounting procedures and internal controls  which were only of interest to management, hence did not merit  mention in this report.  The financial statements of the Competition Authority for the financial  year ended 31 March 2018 were audited by Messrs Ernst and Young,  Certified Auditors, who were appointed by the Competition Commission in terms of Section 23 of the Competition Act, 2009. The financial statements presented fairly, in all material respects  the financial position of the Competition Authority as at 31 March  2018 and 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 Competition Act,  2009. The financial operations of the Competition Authority showed a  total comprehensive loss of P497 254 for the year under review,  compared to a profit of P3.32 million recorded in the previous  year Income declined by 12% from P31.99 million in the previous  year to P28.23 million in the year under review mainly due to  decreases in Government grants and merger fees. Expenditure  was constant at P28.72 million in the year in review compared to  P28.67 million in the previous year. The Authority is funded by Government grants, and in the year  under review the grant was P26.68 million, making 95% of the  total income. As at 31 March 2018, the working capital position of the Authority  showed current assets of P2.68 million and current liabilities of  P1.93 million, resulting in a net current assets position of P747 885. 174 