True / False (Write "True" or "False" 14. The Federal Accounting Standards Advisory Board establishes accounting standards for United States governmental agencies. 15. The Governmental Accounting Standards Board establishes accounting standards for state and local government entities. 16. "Registered" is listed on an audit report performed by an audit company on a non-public company. 17. The American Institute of Certified Public Accountants creates the CPA Exam, while Individual States (example: Illinois, Wisconsin, etc.) issue CPA certificates and permits CPAs to practice. 18) For a public company audit, the auditors are primarily responsible for preparing the financial statements and expressing an opinion on whether they follow generally accepted auditing standards. 19) Partners in CPA firms usually have the responsibility for signing the firm's name on the audit report. 20) If the auditors discover illegal acts by a client, they must immediately report the act to law enforcement