When a condominium board accepts a 2024 audit in 2026, it does not have financial statements; it has a governance problem. This issue of The Governance Ledger – Prairie State Edition explains why timeliness is just as critical as accuracy in community association audits, how missed 90–120 day covenant deadlines can trigger lender leverage, distort budgets and reserves, and erode owner trust, and why forensic investigators treat late audits as an early red flag for deeper control failures. The article then outlines a three‑phase, 90‑day “audit recovery plan” that boards can use to regain control of their calendar, tighten internal controls, and realign audit engagement terms with their legal and fiduciary obligations.