For 14 LEDs you need two shift registers.
Is there schematic for it?
I think there is an example in the shiftOut() reference on the Arduino site.
Do we need to add transistor and resistors on it?
If you use the popular 74xx595 shift reg you will need transistors (+ base resistors + current-limiting resistors) to drive the LEDs.
A better way is to buffer the SR with a driver chip like the ULN2803 (?) but you still need current-limiting resistors.
The best way is to use a constant-current driver chip like the TLC5916 or TLC5927, these are shift regs with all the driving circuitry in them. Or use one of the many MAX multiplexed driver chips.
Rob