a. The audit must be conducted in accordance with auditing standards generally accepted by the U.S. Government Auditing Standards promulgated by the Comptroller General of the U.S.; the Single Audit Act Amendments of 1996 and the provisions of OMB Uniform Guidance (formerly Circular A-133). In addition to the audit report on the basic financial statements included in the ACFR, separate audit reports are required for the Municipal Light Plant, the Massachusetts Department of Education’s Compliance Supplement applicable to Massachusetts School Districts, and a PERAC –style audit of the Wellesley Contributory Retirement Board. b. The audit shall be conducted for purposes of forming an opinion on the general purpose financial statements, taken as a whole, and to determine whether operations were conducted in accordance with legal and regulatory requirements.
