Identify where the following items will appear in a company's annual report: Management's Discussion and Analysis (MD\&A), notes to the financial statements, or the auditor's report, or indicate that the item is not disclosed.

a. A comment that the financial statements appear to be fairly presented

b. A discussion about new competition likely to occur next year

c. A quantitative summary of notes payable appearing on the balance sheet

d. The "secret" ingredients in the company's special sauce