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Discuss auditor opinion that would issue on each financial

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Reference no: EM133004825

You are the audit partner of greatness associates. you are responsible for the audit of two independent entities for the year 30 june 2020.

1. save the world ltd is non-profit entity. you have discovered that the accountant has valued equipment at cost less accumulated depreciation which was 12000. the market value of the equipment was at 20000.

2. one-direction ltd a popular music company has all its overseas tours cancelled due to covid 19 border closures. The company has applied for financial assistance from the bank for an extension of its bank overdraft until 2021. you have found that the accountant of one direction has not made the relevant disclosures and you are not satisfied as the auditor.

required:

Problem 1: Assuming that all amounts involved are material, identify and discuss the most likely auditor opinion that you would issue on each financial report for the year ended 30 june 2020.

Reference no: EM133004825

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