The Town of Bedford annually contracts with a private auditing firm for the purposes of auditing the Town's accounts, funds and preparing financial statements for all governmental activities. The audit is conducted in accordance with the applicable standards contained in the Government Auditing Standards, which is issued by the Comptroller General of the United States. The Town of Bedford has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for its comprehensive annual financial report (CAFR) for last 13 consecutive years. This Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. The CAFR is judged by an impartial panel to meet the high standards of the program including demonstrating a constructive "spirit of full disclosure" to clearly communicate the Town's financial picture.