Which of the following scenarios requires a disclaimer of opinion?

In the context of audit opinions, a disclaimer of opinion is necessary when the auditor is unable to obtain sufficient appropriate audit evidence to form an opinion on the financial statements. This situation often arises from multiple uncertainties that significantly impact the auditor's ability to assess the overall financial picture.

When multiple uncertainties are present, such as significant going concern issues or the inability to verify critical estimates, the auditor may find it impossible to ascertain whether the financial statements present a true and fair view. Consequently, the auditor cannot express a positive opinion or even a qualified opinion, leading to the conclusion that a disclaimer is the most appropriate response.

The other scenarios imply that the financial statements are in a better position regarding compliance with accounting standards:

• If there are no material misstatements, it would lead to an unmodified opinion.
• When material misstatements are not pervasive, it typically suggests a qualified opinion might be appropriate.
• Full disclosure in financial statements suggests that the information presented is sufficient, which again points to an unmodified opinion.

In summary, the presence of multiple uncertainties impedes the auditor's ability to form an opinion and thus necessitates a disclaimer, marking it as the correct choice in this scenario.