Wallace has come under fire from Dave King and the Union of Fans in recent days after the publication of his 120-day review.
Manager McCoist met the Ibrox chief yesterday to discuss his transfer strategy, backroom staff and the findings of Wallace's review.
The Gers boss said: "Absolutely [Graham has been straight with me].
"Everything he's said to me, it's been completely up front, completely straight."
Fans reacted with fury when it was revealed that Rangers have burned through almost £70million in the last 18 months, with King subsequently criticising Wallace's blueprint for the future.
The CEO claimed Rangers would look to recruit a Chief Football Operations Officer to support the manager and board with talent identification, scouting and recruitment.
But McCoist insists nobody will be allowed to buy players without his consent at Ibrox.
He said: "I will need to talk to Graham about that.
"We need help with scouting, the medical department, everything.
"I don't know what [a director of football] would cover. It might cover some of that, but I don't know exactly.
"We had consultation on that appointment. But, not at any great length or detail.
"The fact he is making the appointment to help would certainly encourage me.
"If the manager tells him which talent to identify then I think that's a good idea, to be quite frank. That's the best way to operate.
"I think it goes without saying, there's no point in someone identifying talent that the football club or team don't want, or don't need."
Wallace and his board are relying on fans ploughing in cash in the coming weeks by buying season tickets.
Many supporters are holding off renewing their briefs for the Championship campaign, with Wallace insisting the financial health of the League One champions was not a serious concern if punters continued to back the club.
McCoist said: "Obviously, I want as many people to watch Rangers as humanely possible, but I can understand the reasons why they have been slow."