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Regulatory and Standards

Chronically Late Municipal Bond Audits Further Delayed in FY 2018

By Richard Ciccarone

January 13th, 2020

Every year since 2007, Merritt Research Services1 (Merritt Research) reports the time it takes for municipal bond borrowers to complete their annual financial audits. The results of the study consistently show slower reporting relative to industry standards of the securities markets. By now, it has been well documented that most municipal audits lag the corporate standard of 60 days by a range of three to six more months.

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