We have an audit schedule that shows the timing of our audits - i.e. annual, 18 months, etc.

For an "annual" audit, do you think that this means once in 12 months or once each calendar year?

We outsource our audits and sometimes the auditors are not available at exactly a 12-month point in time, so the actual timing might be 14 months, but within the appropriate calendar year.

I have never seen a bank criticized for a plus or minus a couple of months on a audit schedule.