3.3  Raising Invoices For Services Not Yet Rendered  150. Botswana Railways  2.0 Accounts  2.1 Audit Opinion In my opinion: 2.2 Financial Results The auditors noted that management had raised invoices for  registration fees before receipt of application forms. Details of  such instances are given below.  In response management indicated that they had submitted a  request to open a collection account with the bank which would  not allow any payment to be made without referencing to an  invoice. Furthermore, invoices would only be raised against  documentation on charges from the relevant function e.g.  institutional audit for audit invoices. The new account would be  widely communicated to all stakeholders.  The financial statements of Botswana Railways (BR) for the financial  year ended 31 March 2018 were audited by me in terms of Section 22  of the Botswana Railways Act (Cap 70:01).  The financial statements presented fairly, in all material respects,  the consolidated and separate financial position of the Botswana Railways as at 31 Mach 2018, and its consolidated and  separate financial performance and its consolidated and separate cash flows for the year then ended, in accordance  with International Financial Reporting Standards. The audited financial statements for the year under review  showed a profit of P48.62 million for the organisation, compared  to a loss of P43.13 million recorded during the previous year. The  improvement in performance was mainly attributable to an  159  Amount as per  Details  Invoice No  Date debtors ledger  BIUST  IN000194  8/3/2018  P1 430 300  University IN000180 23/1/2018 P40 200 of Sunderland