Columbus, Inc., a publicly traded corporation, is audited by Corrente & Corrente, CPAs. Because of inaccurate disclosures and serious losses from trading Columbus' securities, Columbus shareholders are suing Corrente & Corrente. In this case, the auditor's defense is:

a. The financial statements were not misleading despite the inaccurate disclosures.

b. Their conduct was not deficient under generally accepted auditing standards.

c. Lack of privity.

d. Lack of reliance.

Choose the correct answer.