Puerto Rico failed to submit audited financial statements for fiscal 2014 by a self-imposed Oct. 31 deadline, according to a Municipal Securities Rulemaking Board filing, Bloomberg reported. The commonwealth’s annual report for the fiscal year ended June 30, 2014 was 181 days late, the longest that Puerto Rico has been overdue on its yearly audited statements since at least 2000, according to Daniel Hanson, an analyst at Height Securities, a Washington-based broker dealer. The commonwealth is tardy because certain agencies have yet to submit reports and an independent auditor is conducting additional procedures given Puerto Rico’s liquidity risk, according to the filing posted late Friday on the MSRB website known as EMMA.
