What is the penalty for not completing the municipal audit on time?

The penalty for not completing the municipal audit on time is indeed set at $10.00 per day. This penalty structure is designed to emphasize the importance of timely audits in municipal governance, ensuring that financial reporting is completed promptly. Timely audits are crucial for maintaining transparency, accountability, and trust in local government operations, making it essential for municipalities to adhere to the established timelines.

Choosing a different amount, such as $5.00 or $50.00, would misrepresent the specific sanctions highlighted in the regulations governing municipal audits. Moreover, stating that there is no penalty would overlook the significance of compliance and the checks in place to encourage adherence to audit schedules, which directly affects public oversight and financial integrity.