Option (b) is correct: i, iii, and iv are true, and ii is false. In a Formal Review/Inspection: it IS led by a trained moderator who is not the author (i - true); there ARE pre-meeting preparations, where participants review materials beforehand (so the claim of 'no preparations' is false — ii is false); there IS a formal follow-up process to verify defect fixes (iii - true); and the main objective is indeed to find defects (iv - true). Formal inspections (e.g., Fagan inspections) are the most rigorous, structured review type, distinguished from informal reviews precisely by having preparation and follow-up steps.