Independent MCQs ..... Occurs when auditor can determine the amount of the misstatement in the account. * Projected misstatements. 0 Likely misstatements. Factual misstatements. Potential misstatements. While an auditor was auditing the financial statements of Sonic Company for the year 2020, the auditor noted that significant transactions related to purchases were made in late December 2020. The auditor requested the company to provide the evidences related to the purchases because the effect of the purchases was pervasive. However, the company considers that these evidences may not be available. In such case the auditor would issue a (an): * Unqualified opinion Adverse opinion Disclaimer of opinion Qualified opinion Risk assessment procedures includes: * Initial analytical procedures, observation and inspection Exploration of management and others Attain an understanding of the company and the environment. O All of the above Overall materiality for mutual fund industry is: * 0.5% of net assets 0.5% of total expenses 5% of net income before taxes 0.5% of total revenues