True / False (True = A, False = B) 6. The most important benefit of having an annual audit by a public accounting firm is to provide assurance to investors and other outsiders that the financial statements are dependable. 7. Management can avoid responsibility for the financial statements by retaining independent auditors. 8. The Federal Accounting Standards Advisory Board establishes accounting standards for United States governmental agencies. 9. The Governmental Accounting Standards Board establishes accounting standards for state and local government entities