Final answer:
The phrase that should not be used when the auditor is qualifying the audit opinion is 'With the qualification of'. Instead, auditors commonly use phrases like 'Except for', 'Subject to', or 'With the exception of' to indicate limitations or exceptions to their opinion.
Step-by-step explanation:
When qualifying the audit opinion, the auditor should avoid using the phrase 'With the qualification of'. This phrase implies that there is a qualification or exception to the opinion being expressed by the auditor.
Instead, auditors typically use phrases like 'Except for', 'Subject to', or 'With the exception of' to indicate any limitations or exceptions to their opinion. These phrases are commonly used to communicate that the auditor believes the financial statements are fairly presented, except for certain specified issues or limitations.
For example, an auditor may state 'The financial statements are fairly presented, except for the omission of XYZ Company's investments in the statement of cash flows.