Final answer:
Both statements about Quality Control and Quality Assurance within the software development process are true; hence, the correct option is (1).
Step-by-step explanation:
The question deals with the concepts of Quality Control and Quality Assurance in the context of software development. According to the statements given:
Statement I: Quality control involves a series of inspections, reviews, and tests used throughout the software process to ensure each work product meets the requirements placed upon it. This statement is true as it accurately describes the activities involved in quality control.
Statement II: Quality assurance consists of auditing and reporting functions of the process. This statement is also true, indicating that quality assurance (QA) activities focus on the processes to ensure quality is being maintained and is consistent with the organization's standards and objectives. Hence, Quality Assurance is not only about end-product evaluation but about the process used to create it.
The correct answer, therefore, is option (1): Both statement I and statement II are true.