In auditing a public company audit client, Natalie, an auditor for N. M. Neal & Associates, identifies four deficiencies in internal control over fi- nancial reporting. Three of the deficiencies are highly unlikely to result in financial misstatements that are consequential in amount. One of the defi- ciencies is reasonably likely to result in misstatements that are more than consequential in amount. However, Natalie believes that this deficiency is highly unlikely to result in misstatements that would rise to the level of materiality. What type of audit report should Natalie issue?

a. An unqualified report.

b. A qualified report.

c. A disclaimer of opinion.

d. An exculpatory opinion. p-986