WASHINGTON — Municipal borrowers are much slower than corporations to complete annual audited financial reports, confirming many analysts’ claims that muni issuers’ annual financial disclosures are often stale, a new report shows.

The report, released last week by Richard Ciccarone, president and chief executive officer of Merritt Research Services LLC, shows that on average, it takes municipal issuers 146.6 days — or just under five months — to complete their fiscal yearend audits, much longer than the 60- to 90-day limit for corporate issuers.

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