Problem 1 (20 points) Audits of state and local governments and not for profit organizations require additional work beyond that required for audits under generally accepted auditing standards (GAAS) for business organizations REQUIRED: Discuss the following items as they relate to the audits of state and local governments and not for profit organizations. (1) What is the purpose of the Single Audit Act? (2) Who is required to have a Single Audit under the current law in effect? (3) What is required of auditors under the Single Audit Act? 4 What are the reporting requirements for auditors under the Single Audit Act