Does the order of the compiler options matter?

I was debugging my Fortran code with some compiler options and, during runtime, the following error came up:

forrtl: severe (194): Run-Time Check Failure. The variable 'readinputfiles_$I3' is being used in 'main.F90(796,10)' without being defined

I changed the compiler options to 

 -O0 -g -debug all -ftrapuv -check bounds -check all -traceback -i8

But I can't get the same error (the code was not changed). In addition, I know for sure that one array is being accessed with an out of bounds index, but I also don't get any runtime error. I am wondering whether the order of the compiler options matters? Or maybe I am doing something wrong in my makefile?

Here is my makefile:

debugFFLAGS = -O0 -g -debug all -ftrapuv -check bounds -check all -traceback -i8
debugEXE = debug.exe

# local installation of PETSc
PETSC_DIR=~/software/petsc-3.7.6

include ${PETSC_DIR}/lib/petsc/conf/variables
include ${PETSC_DIR}/lib/petsc/conf/rules

OBJS = main.o modGlobal.o

# object dependencies
modGlobal.o : modGlobal.F90
main.o      : main.F90 modGlobal.o

debug: ${OBJS}
   -${FLINKER} ${debugFFLAGS} ${OBJS} -o ${debugEXE} ${PETSC_LIB} ${LDLIBS}