It is appropriate to issue an opinion that contains the phrase 'except for' when:
A) the auditor has not accumulated sufficient appropriate evidence to determine whether the financial report is presented fairly.
B) there has been a material misstatement on a particular matter that is material and pervasive.
C) there has been a material misstatement on a particular matter that is material.
D) none of the above

Question

Quizplus · Accepted Answer

An 'except for' opinion, also known as a qualified opinion, is issued when there is a material misstatement that is not pervasive, meaning it is material but not widespread throughout the financial statements.

It Is Appropriate to Issue an Opinion That Contains the Phrase