Police Scotland are investigating a report of "possible financial irregularities" at St Mirren.
Enquiries are at an early stage after the fan-owned Scottish Premiership club were made aware of "several historic issues" following their annual audit.
St Mirren say recommendations were made and approved by the board, before the "relevant authorities" were contacted.
They added the club "will co-operate fully in all aspects of the process and with all relevant authorities".
The Paisley outfit confirmed it has appointed accountants to carry out "a thorough forensic review of its operations" to ensure "the club's reputation is utterly beyond reproach".
Chief executive Tony Fitzpatrick added: "Fans can be confident that all actions taken are in the best interest of St Mirren to ensure it continues to be a club of which our supporters can be proud."
Police Scotland told BBC Scotland they are "investigating a report of possible financial irregularities involving a football club in the Paisley area" and that "enquiries are at an early stage".