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.