Liverpool are one of a number of clubs being looked at by UEFA for potential breaches of the governing body's Financial Fair Play regulations.
UEFA's regulations state that all clubs competing in Europe must limit losses to £35.4m over two seasons.
Liverpool posted losses of £49.8m in 2012-13 and £41m in 2011-12, but the club believe due to several large commercial deals that have been made during the last 18 months since they last posted their finances.
The Reds, along with Monaco, Inter Milan and Roma - none of whom took part in European competition last season - have submitted their accounts to the Club Financial Control Body (CFCB), but are due to be asked to provide further information on their finances.
The most high profile punishments for failing to adhere to the FFP rules fell on Manchester City and Paris Saint Germain, who were both fined £49m and were made to submit a restricted squad for this season's Champions League.
Liverpool were due to be paid their £6.8m prize money for reaching the group stages of the Champions League, which has now been withheld until the outcome of the investigation is ascertained, with the money available to the club if they are found to have not breached any regulations.
The Reds spent nearly £100m on transfers over the summer, most of which was offset by the sale of Luis Suarez to Barcelona for nearly £70m.