Final answer:
A disclaimer of opinion is issued when an auditor cannot obtain sufficient appropriate evidence, which isn't limited to just material uncertainty or going concern problems. Adequate disclosure can result in an unqualified opinion with emphasis, or a qualified or adverse opinion based on the severity.
Step-by-step explanation:
When an auditor comes across a material uncertainty related to events or conditions that may cast significant doubt on an entity’s ability to continue as a going concern, the auditor should consider the adequacy of disclosure in the financial statements and, depending on the circumstances, may need to modify the opinion in the auditor’s report.
However, a disclaimer of opinion is issued when the auditor cannot obtain sufficient appropriate audit evidence upon which to base the opinion, which could be due to several reasons not necessarily limited to going concern issues. If there is adequate disclosure of the material uncertainty related to the going concern problem, the auditor will not necessarily issue a disclaimer of opinion but rather may issue an unqualified opinion with an emphasis-of-matter paragraph or depending on the severity, an adverse or a qualified opinion. Thus, both statements I and II are not always true and can be misleading without context.