29/01/2016 4:04 PM AEDT | Updated 15/07/2016 12:51 PM AEST

The Shane Warne Foundation Shuts Down Following Audit Announcement From Consumer Watchdog

Vianney Le Caer/Invision/AP
Shane Warne leaves the Class of 2005 Ashes Reunion in London, Tuesday, July 14, 2015. (Photo by Vianney Le Caer/Invision/AP)

The Shane Warne Foundation has closed following "unwarranted speculation" from consumer watchdogs into how the charity foundation spends funds.

Consumer Affairs Victoria ordered an independent audit of the foundation after key financial documents were not submitted in 2015. Reports of fund mismanagement have dominated headlines in the past few weeks.

In a statement posted on Facebook on Friday afternoon, The Shane Warne Foundation announced its closure, claiming to have distributed $3.67 million in funds, with another amount set for distribution in March, to reach $4 million in total.

"Today, as The Shane Warne Foundation officially announces it is ceasing operations and has begun the process of closing the Foundation, we will celebrate so many incredible achievements," the statement read.

"When The Shane Warne Foundation (TSWF) officially launched back in 2004, it had one very clear vision: to give back, make a difference and to enrich the lives of seriously ill , underprivileged children and teenagers in Australia."

James Packer, Eddie McGuire and Shane Warne were among the board members and directors thanked in the statement.

In response to recent, unwarranted speculation about The Shane Warne Foundation and its distribution of funds, we...

Posted by Shane Warne on Thursday, January 28, 2016

Founder and former cricketer Shane Warne also confirmed the closure on Twitter, posting a link to the statement along with a 'thank you message'.

Warne had previously slammed reports of fund mismanagement as "malicious attacks and false allegations".

"It's a real shame that certain journalists are continuing this ridiculous crusade / personal vendetta against the foundation & I can't understand why," the cricket legend wrote in a Facebook post on Sunday.