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A statement from the Auditor-General, released this afternoon, confirmed an inquiry would be conducted, following a request by Dunedin Mayor Dave Cull.
It would examine Delta's decision to buy land, including consideration of risks and compliance with legislation including the Local Government Act 2002 and Companies Act 1993.
The probe would also scrutinise the identification and management of any conflicts of interest, consultation with, or the involvement of, the Dunedin City Council, and any other matters considered desirable to report on, the statement said.
Delta, a council-controlled organisation (CCO) made the land purchases in 2008 and 2009, but last month confirmed a $7.5 million write-down in the value of the investments.