Other factors that might raise red flags include a high proportion of off-balance-sheet transactions, frequent changes in auditor and delays to earnings announcements.
Chair Barbara Wilding said the board would also speak with the auditor general for Wales about how it was being asked to make changes without a business case.
In a separate report published in December, the Auditor General for Wales, Huw Vaughan Thomas said while the council had made some positive changes in its arrangement for safeguarding children it had not responded "with sufficient speed and rigour".