When analyzing the various types of opinions that the auditor can issue,
◦ an adverse opinion must contain the phrase "except for" in the opinion paragraph.
◦ an adverse opinion can only be issued when there is a lack of knowledge by the auditor.
◦ a disclaimer of opinion can be issued for material or immaterial misstatements.
◦ a qualified opinion report can be used only when the auditor concludes that the overall financial statements are fairly stated.