which of the following is correct regarding the single audit act 607298

Which of the following is correct regarding the Single Audit Act?

1. I. The Act mandates that local and state governments receiving $300,000 or more in federal funds in a fiscal year are to be audited under this Act.
2. II. The purpose of this Act is to reduce duplication in organization-wide governmental audits.
3. III. For government entities covered under this Act, only one audit every five years is required.
   1. a. I only.
   2. b. II only.
   3. c. I and II only.
   4. d. II and III only.