Sycamore City is going to engage you as the CPA to perform its audit this year. However, the city's Finance Director is confused about what type of audit the city needs. You explain that there are three options, an audit in accordance with Generally Accepted Auditing Standards, an audit in accordance with Generally Accepted Government Auditing Standards, or an audit in accordance with the Single Audit Act. The Finance Director asks you to explain the differences between the three options. How would you describe these? The Finance Director also wants to know the level of work that you will be required to perform for the three options. Basically, he wants to understand which audits will cost more to complete. After explaining all of this, the Finance Director then asks; "Since the city is a government entity, are you aware of any certain requirements that may point the city in a specific direction?" He explains that if there is a compliance requirement, that would assist him when explaining his proposal to the City Council while seeking approval for the city's contract with you. What would you say to the Finance Director