The Shane Warne Foundation has been cleared of wrongdoing for a second time after an investigation by Consumer Affairs Victoria.

CAV director Simon Cohen announced on Wednesday that an 11-month investigation into the charity had been completed.

The charity, set up by former Australian cricketer Shane Warne, was probed by the CAV over claims it had failed to give proceeds of appeals to beneficiaries.

But in a similar finding to one handed down by the national charity regulator in November, it could only find evidence that the charity did not submit annual accounts in a timely manner.

Mr Cohen said he considered deregistering the charity after the “low proportion of funds raised” in recent years, but found that step unnecessary after the Foundation gave an undertaking to CAV that it would wind up as soon as possible.

The charity issued a statement late on Wednesday, saying the decision brings an end to the “unwarranted and unfair speculation” surrounding the Foundation’s affairs.

It said the Foundation would wind-up its operations as soon as possible and make a final distribution to its beneficiaries.

Warne welcomed the news and thanked people for their support.

“As expected CAV and the Commonwealth charity regulators have cleared the Shane Warne Foundation of any wrongdoing besides one late lodging of annual accounts by the due date in 2015,” he said in a Facebook post.

“The foundation, myself, management, ambassadors and the board have always maintained that nothing inappropriate had occurred and now it’s official after these thorough investigations.”

-AAP