3. If a company receives a qualified audit opinion, its financial statements are most likely: (15) accurate and presented fairly in all material respects audit was limited in scope (eg, incomplete records) or there was an exception from the applicable accounting standards the statements are not presented fairly or are materially nonconforming with accounting standards 4. An analyst prepares the following set of assumptions for a company Assumption Rate COGS-to-revenue ratio 20% Operating expense-to-revenue ratio Tax rate 20% The initial forecasted revenue is 1 million. In subsequent years, it is estimated to grow at 5%. Compute and enter the value of the company's forecasted initial net income: (15) 40%