True or False:

1) The many rulings of the FASB and its predecessors are updated and codified in an online database called the Accounting Standards Codification. This collection provides a research tool that is deemed to be the primary authoritative source and reference guide on accounting standards.

2) The SEC was charged with the administration of laws that regulate the reporting practices of companies with publicly traded stock. Today, U.S. public companies must register and report to the SEC on an optional basis.

3) Auditors evaluate the systems and data that lead to the reported financial statements. The auditor will usually issue an opinion letter on the fairness of the reports.