Vic watchdog assesses Warne report

Victoria's consumer watchdog is assessing an independent audit it ordered into cricketer Shane Warne's embattled charity, which was unable to find exactly how much money was raised through cash donations.

Accounting firm KPMG was ordered to investigate the Shane Warne Foundation by Consumer Affairs Victoria, after the charity failed to lodge key financial documents by a deadline towards the end of 2015.

In its two-page report delivered n Friday, KPMG found that while cash donations were "a significant source of fundraising revenue", the charity said it was "impracticable to establish control over the collection of cash donations prior to entry into its financial records".

"As the evidence to us regarding fundraising revenue from this source was limited, our audit procedures with respect to cash donations had to be restricted to the amounts recorded in the financial records," the report said.

The report adds: "We therefore are unable to express an opinion ... whether cash donations at the Foundation are completely recorded."

Auditors also found the Foundation did not lodge annual accounts to Consumer Affairs on time.

However, the report concluded that the Foundation also complied "in all material aspects" with the law.

The Shane Warne Foundation was launched in 2004 for seriously ill and underprivileged children and teenagers in Australia.

It announced in January it would be closing this year following allegations of financial mismanagement.