If expressing a qualified opinion, disclose the substantive reasons ...

If expressing a qualified opinion, disclose the substantive reasons for the qualified opinion before the opinion paragraph.

On a somewhat related note, if expressing a qualified opinion, you may encounter the following phrase: "In our opinion, except for the omission of the information in the Basis for Qualified Opinion paragraph, the aforementioned financial statements present fairly", basically meaning "except for". 

​cc: Audit