Commentary While most municipalities in California are wrapping up their annual financial statement audits for the year ending June 30, 2021, the state just issued what’s known as its Annual Comprehensive Financial Report, (formerly known as the Comprehensive Annual Financial Report), for the preceding year ending June 30, 2020. It’s the last state in the nation to issue its report, and by months. It’s hard to find another state that has ever released its financial statements this late. Another major first for California is that the State Auditor performed the audit, which came in embarrassingly tardy on January 26, 2022, versus an independent outside Certified Public Accounting firm. These are two very disturbing pieces of information. A poorly run software conversion, the inability to efficiently maintain a parallel system, and not having any outside firm involved is worrisome. There is some good news, though. California reduced what’s known as its …