UPDATED Tuesday, December 18, 2012 --- 2:20 p.m.

MADISON, Wis. (AP) -- A new independent review of Wisconsin's quasi-private agency charged with leading economic development activities says considerable work needs to be done to fix operational problems that largely stem from the agency's hasty creation last year.

The Wisconsin Economic Development Corp. board received the report Tuesday.

Financial Institution Products Corp., a subsidiary of the Wisconsin Bankers Association, performed the review in the wake of a series of missteps at the agency created in July 2011 to replace the Department of Commerce.

The report says WEDC started with an incomplete infrastructure without a defined set of management reports and policies.

It also says issues at WEDC have been exacerbated by multiple turnovers in senior positions.

The report says that all of the issues presented ought to be able to be resolved.

Copyright 2012: Associated Press

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POSTED: Tuesday, December 18, 2012 --- 8:50 a.m.

MADISON, Wis. (AP) -- The quasi-private board charged with creating jobs in Wisconsin is meeting to discuss a highly critical audit of its first year in operation.

The Wisconsin Economic Development Corp. board meeting Tuesday in Eau Claire comes the day after an audit by accounting firm Schenck SC cited numerous problems with the new agency including sloppy bookkeeping, poor accounting practices and critical staff vacancies.

The board was receiving a second independent report looking at its Tuesday meeting by Financial Institution Products Corp. That subsidiary of the Wisconsin Bankers Association was looking at the operations of WEDC and what improvements could be made.

Creating WEDC to replace the Commerce Department in July 2011 was one of Gov. Scott Walker's top priorities.

Copyright 2012: Associated Press