The report by auditor Ceri Stradling, which was published on Friday, sheds doubt on the awarding of certain council contracts and the management of certain council assets.
He also says that the conduct of some of the council's officials, primarily in its housing and property services section, has again failed to meet the standards demanded of those serving the public.
His report says: 'I can only conclude that the culture of the property section is not one which promotes openness and probity.'
Other recommendations include a radical review of the organisation and management of the department and the recovery of rent arrears and some grants.
Responding to the report, Anglesey CC acknowledged that the incidents described in it were completely unacceptable. Council leader William Williams promised that any recommendation not yet carried out would receive immediate consideration and added that the council would also review its procedures for making grants to businesses and for awarding contracts.