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.