2.3 Working Capital 3.0 Management letter 3.1  Oversight and Control over Certain Subsidiaries  130. Botswana Energy Regulatory Authority (BERA)  2.0 Accounts 2.1 Audit Opinion In the opinion of the auditors:  No management response.  As at 30 June 2017, the working capital position of the Group  showed total current assets of P694.13 million and current liabilities of P371.66 million, resulting in net current assets position  of P322.47 million. The Corporation had current assets of P357.45  million and current liabilities of P235.79 million, resulting in net  current assets position of P121.74 million  The following was the significant matter raised by the auditors  and the management response thereto:  The auditors noted that there was no direct oversight and control  performed by the holding company over certain subsidiaries as  those subsidiaries were allowed to operate independently from  the Group with their own management and to some extent  Board of Directors. As a result the auditors identified a number of  control deficiencies at certain subsidiaries which indicated weak  control environment and lack of strategic alignment between  the subsidiaries and the holding company. The subsidiaries included Lobatse Clay Works (Pty) Limited, Export Credit Insurance and Guarantee Company (Botswana) (Pty) Limited  and LP Amusement Centre (Pty) Limited. The auditors highlighted  that more than 50% of the control deficiencies identified during  the audit related to these subsidiaries. The auditors advised  management to monitor the performance of subsidiaries.  The financial statements of Botswana Energy Regulatory Authority for  the eight months’ period ended 31 March 2018 were audited by Messrs  PricewaterhouseCoopers, Certified Auditors, who were appointed by  the Board.  115 