The Edinburgh International Conference Centre (EICC) underwent a £30 million extension in a bid to boost business last year. But fears have been raised over its commercial performance.
It is understood the council-owned venue has failed to attract enough conferences to justify the cost of the work and is suffering "shortfalls".
Two months ago it was claimed more than £50 million of investment had helped to propel the EICC to 33rd in a league table of such destinations in the world.
Finance chiefs said they would scrutinise the final report, which is being carried out by Ernst and Young.
A spokesman for the EICC said: "We welcome the independent review of our business plans and will be active participants in the process."
An Edinburgh City Council spokeswoman said: "An independent review is under way to review the EICC business plan and the opening of the new facility to recommend appropriate actions".