WASHINGTON — Fewer than 10% of general obligation bond issuers filed annual audited financial reports within the Municipal Securities Rulemaking Board’s recommended 120-day period in 2011, according to a report from muni research firm Merritt Research Services.

The report said the median audit time for muni bond issuers in all sectors in 2011 was 145 days, or nearly five months. That’s only one day less than the median amount of time in 2010, and the same as in 2009.

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