The 140-page report ends a six-month investigation by the FEFC into a series of financial irregularities. These include allegations that college management made false claims for course funding, used public money to set up a private company on college premises, purchased IT equipment in contravention of the college's financial guidelines and spent Pounds 250,000 on a refit of the principal's office suite.
Principal Martin Jenkins and his deputy Jenny Dolphin, who were suspended from their posts in May, deny the allegations against them.
College governors have until November 20 to respond to the report before the FEFC release its final version next month.
In a statement, the college said: "When the final report is issued the college will issue a press statement to announce the findings and its reaction to it. The college will then act quickly upon the results of the investigation, so that the acknowledged quality teaching and learning that it continues to offer to both its students and its business partners is unaffected."