Reuters published an article highlighting the findings of a report analyzing municipal audit timelines. The study—an annual analysis led by Richard A. Ciccarone, then President and Chief Executive Officer of Merritt Research Services—examines the pace and reliability of financial reporting across municipalities.
Reviewing the 2010 audits of 6,673 municipal bond issuers across nearly every municipal credit sector, the report found that municipal audit turnaround times continue to trail those of private-sector companies by a significant margin. Based on medians across 16 municipal credit sectors, it took issuers an average of 141.3 days from the end of the 2010 fiscal year to the completion of their audited financial statements.
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About Merritt Research Services
Merritt Research Services is a trusted source of standardized municipal credit data, financial disclosures, and sector intelligence used by analysts and portfolio managers across the industry. For more than 30 years, Merritt has set the benchmark for accuracy, consistency, and comparability in municipal credit research.
