Audit finds WEDC falling short on oversight, accountability

The Legislative Audit Bureau found the Wisconsin Economic Development Corp. lacked proper policies to manage its loan, grant and tax credit programs effectively, according to an audit released today.

In addition to broader management concerns, the LAB report also criticized WEDC for the contracting process used for a previous audit. The LAB noted auditing firm Schenck S.C. that the agency picked previously had negotiated with WEDC on behalf of a firm for hundreds of thousands of dollars in tax credits and grants.

In a response to the audit, WEDC CEO Reed Hall said the “vast majority of issues raised by LAB have already been identified by WEDC and other parties, and substantive solutions are already in place or are in the process of being implemented.”

Related links:

See the LAB’s highlights from the report

See the full report

See the WEDC response