A draft report was passed to the council three weeks ago, angering Tory leader Tony Arbour who is demanding that its findings be made public.
He accused the council of 'sitting' on the report and said he suspected the findings may be politically sensitive.
But Councillor David Williams said: "Far from wanting to hold this up in any way I am anxious that the air is cleared as quickly as possible.
"There is no political angle on this at all."
Coun Williams called the district auditor in to investigate the deal struck by the council in 1986 to save the ailing theatre from closure.
He said he wanted to lay to rest rumours that have surrounded the council's involvement in the theatre on Richmond Green, which is owned by the chairman of the Old Vic, Sally Greene.
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