Joint-administrator Mark Fry welcomed the League's decision to launch an inquiry.
"Subject to the scope of the report we welcome the Football League's initiative in commissioning an independent report into the legal and financial position of the club ahead of any decision being made on the possibility of a 10-point reduction," he said.
"In our view this indicates that the situation will be reviewed thoroughly and independently ahead of any decision made.
"We are confident of a successful outcome because in our view no rules have been breached."
Should Southampton suffer a points deduction and are also relegated, then the penalty will not be applied until the following season.
If the Saints stay in the Championship, then any points penalty would be added to their total this season, which could ultimately result in their relegation to League One anyway.
Clubs such as Leeds and Luton, who were hit with points deductions themselves after going into administration, would be angry if Southampton avoided such a fate.
Chief executive Rupert Lowe, Saints chairman Michael Wilde and director Andrew Cowen resigned from the company last week, although a statement from SLH said the club was "unaffected by these insolvency proceedings".
The business is heavily in debt after spending more than £30m on the 32,000-seat St Mary's Stadium, which they moved to from The Dell in 2001, before being relegated from the Premier League in 2005.
Southampton are three points from safety with six games remaining in the Championship.
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