FYI - Audits of Single F/S and Specific Elements, Accounts, or Items If the modified opinion on the set of financial statements is relevant to the audit of the specific element (i.e., the modification is material and pervasive with respect to the specific element)—The auditor should (a) express an adverse opinion on the specific element when the modification applicable to the set of financial statements is a result of a material misstatement in the financial statements; or (b) disclaim an opinion on the specific element when the modification applicable to the set of financial statements is a result of a scope limitation. (Note: Otherwise that would be equivalent to expressing a piecemeal opinion , which is prohibited.)

If the modified opinion on the set of financial statements is relevant to the audit of the specific element and the auditor still considers it appropriate to express an unmodified opinion on that specific element—The auditor should only do that if (a) that opinion is expressed in a report that does not accompany the report containing the adverse opinion or disclaimer of opinion, and (b) the specific element does not constitute a major portion of the entity's complete set of financial statements or the specific element is not based on stockholders' equity or net income or equivalent. A single statement constitutes a major portion of a complete set of financial statements, so the auditor should not express an unmodified opinion on the single financial statements when an adverse opinion or disclaimer of opinion is expressed on the complete set of financials.