What is the consequence of finding a material weakness in an issuer's internal control?

Finding a material weakness in an issuer's internal control results in the issuance of an adverse opinion. This is because a material weakness indicates that there is a significant deficiency in the internal controls that can reasonably be expected to result in misstatements in the financial statements.

An adverse opinion means the financial statements do not present a true and fair view of the company’s financial position due to these significant issues with internal controls. The auditor's opinion reflects the seriousness of the finding, making it clear to investors, creditors, and other stakeholders that reliance on the financial statements could be misplaced due to substantial deficiencies in the internal control process.

In contrast, a qualified opinion would suggest some issues with internal controls but not to the degree of being material or significantly impactful. A clean opinion indicates that the financial statements are free from material misstatements, which would not be applicable if a material weakness is present. Lastly, not reporting an opinion altogether would not adequately inform users of the financial statements regarding the internal control deficiencies that have been identified. Hence, the correct response is the issuance of an adverse opinion in light of a material weakness.