Final answer:
True, an audit opinion with exceptions that do not undermine the entire financial statements usually leads to a qualified opinion, indicating that the financial statements are fairly presented except for the specific issues noted.
Step-by-step explanation:
The statement that an audit opinion occurs when there is an exception to the standard opinion but not of sufficient seriousness to invalidate the whole of the financial statements is True.
In auditing, there are different types of opinions that an auditor can issue, based on the findings during the audit process. When an auditor discovers exceptions, they might issue a qualified opinion, which indicates that there are specific areas or accounts in the financial statements that do not conform to generally accepted accounting principles (GAAP), but overall, the financial statements are presented fairly.