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Appendix B: Audit Methodology and Standards We conducted this audit pursuant to Article V, Section 1 of the State Constitution and the State Comptroller’s authority as set forth in Article 3 of the New York State General Municipal Law. To achieve the audit objective and obtain valid audit evidence, our audit procedures included the following: ll We interviewed Town officials and reviewed Board minutes to determine whether the Board adopted a resolution that established and identified the project, authorized the maximum estimated cost and established how the project would be financed, and to determine whether the Board and Town officials prepared an itemized budget. ll We reviewed the available project budget to ensure the Board and Town officials prepared a balanced budget and that the Town had adequate financing sources to cover the estimated cost of the project. ll We reviewed Board minutes to assess whether the Board properly established and documented bond resolutions. ll We assessed the adequacy of the monthly financial reports the Supervisor and/or Town officials provided to the Board to monitor the project. We conducted this performance audit in accordance with GAGAS (generally accepted government auditing standards). Those standards require that we plan and perform the audit to obtain sufficient, appropriate evidence to provide a reasonable basis for our findings and conclusions based on our audit objective. We believe that the evidence obtained provides a reasonable basis for our findings and conclusions based on our audit objective. The Board has the responsibility to initiate corrective action. A written corrective action plan (CAP) that addresses the findings and recommendations in this report should be prepared and provided to our office within 90 days, pursuant to Section 35 of General Municipal Law. For more information on preparing and filing your CAP, please refer to our brochure, Responding to an OSC Audit Report, which you received with the draft audit report. We encourage the Board to make the CAP available for public review in the Town Clerk’s office. 10 Of f ic e of t he New York State Comptroller