S1: The phrase "Except for the possible effects of the matters...the financial statements present fairly in all material respects the financial position, results of operations, and cash flows in conformity with GAAP" indicates an adverse opinion S2: The phrase "The financial statements do not present fairly in all material respects the financial position, results of operations, and cash flows in conformity with GAAP" indicates a qualified opinion.
a. both statements are true
b. both statements are false
c. S1 is true
d. S2 is false
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