In an audit of an issuer, the auditor must provide an opinion on which of the following? I. The financial statements. II. The audit committee's oversight of financial reporting and internal control. III. The effectiveness of internal control.

Choice "a" is correct. The auditor provides an opinion on the entity's financial statements and on the effectiveness of internal control. The auditor is not required to provide an opinion on the audit committee's oversight (but is required to report to the board when such oversight is ineffective). Choices "b", "c", and "d" are incorrect, based on the Explanation: above.