DENVER — Municipal borrowers continue to lag behind corporations in completing their annual audited financial reports, and state and local governments are only incrementally faster than a year ago, a new report concludes.

The report, released Wednesday by Richard Ciccarone, president and chief executive officer of Merritt Research Services LLC, shows that on average, muni issuers took 141.3 days — almost five months — to finish their 2010 fiscal year audits, compared to 141.6 days in fiscal 2009. Corporate issuers, by contrast, are generally required to complete their annual audits in 60 to 90 days after the end of their fiscal years.

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