THERE HAVE BEEN more than a few news accounts over the past six weeks about financial management and controls at the University of the District of Columbia and about spending by its president, Robert L. Green. These articles have been based on university records and a draft report by the independent city auditor, Otis Troupe -- though Mr. Troupe himself has not disclosed what was or was not contained in either the draft or the official report due for release soon. We note this disclaimer because Mr. Troupe has been conducting an official audit, for no other reason than that this is his professional responsibility.

At this point, no formal findings have been released, and no official charges have been filed against anyone. Nevertheless, many students and other members of the UDC community -- as well as everybody else who shares their interest in this institution -- are understandably concerned about the process by which money is monitored and spent by the president or any other representative of the university.

This keen public interest in the management of UDC is not meant to tear down a valuable institution of higher education. UDC is a precious asset, deserving the very best in financial management, administrative leadership and faculty. That is why an independent city audit should be taken seriously by UDC's trustees and why the total performance of the university president is subject to scrutiny.

The sooner the full report can be made available, the better. Then it will be the responsibility of the trustees to take whatever actions, if any, they deem necessary to maintain public confidence in the current administration -- and the ways in which it has seen fit to spend public money.