The auditors recommended for the entity to conclude the policy  which had been undergoing review for a prolonged time, and  seek approval of the board and thereafter carry out its operations within the parameters of the policy. In response management indicated that the delay in the review  of the policy was occasioned by the workshop that was proposed by PPADB for parastatals to align their policies to the  PPADB policy and Act. Further management stated that the  workshop was postponed several times and eventually held in  July 2018. There were many significant changes that were required and BIH had resolved to engage a consultancy to  undertake a comprehensive review incorporating all PPADB  requirements. Management also committed to reviewing and  approving the policy during the 2018/19 fiscal year.  The financial statements of Botswana Institute of Development Policy  Analysis for the financial year ended 31 March 2018 were audited by  Messrs Grant Thornton, Certified Auditors, who were appointed by the  Trustees in terms of the Deed of Trust, (MA 16/95). 136. Botswana Institute for Development Policy Analysis  2.0 Accounts 2.1 Audit Opinion 2.2 Financial Results In the opinion of the auditors:  The financial statements presented fairly, in all material respects,  the financial position of Botswana Institute of Development Policy  Analysis 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.  In the year under review, the Institute recorded a surplus of P1.01  million (before loss on property revaluation of P238 927), compared to a surplus of P4.68 million in the previous year. Income declined by P1.12 million (4%) from P28.04 million in the  previous year to P26.92 million in the year under review, while  expenditure on the other hand increased by P2.54 million (11%)  from P23.36 million to P25.91 million during the same period.  131 