2.3 Working Capital 3.0 Management letter 127. Botswana Communications Regulatory Authority  2.0 Accounts  2.1 Audit Opinion 2.2 Financial Results The working capital position of the University as at 31 March 2018  showed total current assets of P16.78 million and total current  liabilities of P57.48 million, resulting in a net current liabilities  position of P40.70 million.  Current liabilities included deferred revenue of P28.67 million and  payroll accruals of P12.86 million.  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  warrant mention in this report. The financial statements of Botswana Communication Regulatory Authority for the financial year ended 31 March 2018 were audited by  Messrs PricewaterhouseCoopers, Certified Auditors, who were appointed by the Board in terms of Section 26 (2) of the Communications Regulatory Authority Act, (No.19 of 2012).  In the opinion of the Auditors:  The consolidated and separate financial statements presented  fairly, in all material respects, the consolidated and separate  financial position of Botswana Communications Regulatory Authority and its subsidiary as at 31 March 2018, and its consolidated and separate financial performance and consolidated and separate cash flows for the year then ended,  in accordance with International Financial Reporting Standards  and requirements of the Communications Regulatory Authority  Act, 2012. In the year under review the Group and the Authority recorded a  surplus of P35.63 million and P20.37 million, compared to P50.81  million and P12.37 million respectively in the previous year. 110 