In establishing the existence and ownership of a long-term investment in the form of publicly traded stock, an auditor should inspect the securities or

a. Correspond with the investee company to verify the number of shares owned.

b. Inspect the audited financial statements of the investee company.

c. Confirm the number of shares owned that are held by an independent custodian.

d. Determine that the investment is carried at the lower of cost or market.