You are 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 has 12,000. The market value of the equipment was at 20,000. (10 marks) 2. One-directed 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.