Assume that from a quantitative sense the auditor would consider overall materiality to be one percent of total assets or $300,000. Further assume that the company has an existing Debt covenant of a current ratio of 2.0 or higher. If the covenant is violated, then the debt could be called immediately, resulting in the company's bankruptcy. Reported current assets are $430,000 while reported current liabilities are $210,000. Current liabilities have been audited. The auditor is satisfied with the number for current liabilities. Considering debt covenants as a qualitative materiality factor as discussed in class, the auditor would likely set materiality for current assets at CIA=430.000 a. $ 5,000 C/L = 210,000 b. c. d. e. 10,000 20,000 300,000 W/C = 220.000 None of the above. The answer is