Toronto Mayor Rob Ford will undergo an audit of his campaign finances, after questions were raised about how some donations and expenses were filed.

The city's compliance and audit committee ordered the audit on Friday after considering a complaint made by residents Max Reed and Adam Chaleff-Freudenthaler.

The complaint, filed earlier this month, claimed Ford spent almost $70,000 more than allowed by municipal election rules.

The Municipal Elections Act limits campaign spending to $1.305 million.

The allegations centre on a loan made to the campaign from a Ford family holding company. The loan was reportedly repaid, but Reed said there were concerns about whether interest was charged and whether it should be considered a corporate contribution, which is not allowed.

Ford won the city's top job in last year's civic election, beating out candidates George Smitherman and Joe Pantalone by campaigning on a message of respect for taxpayers.

The Mayor's Office has previously said that the campaign's finances were reviewed by an outside auditor before being submitted to Elections Toronto and that the auditor did not raise any concerns.

Anyone found in violation of finance laws could pay a financial penalty of up to $25,000 and, in some cases, removal from office.

Two previous audit requests related to Ford's election spending was submitted last month and will be reviewed by city council's compliance audit committee on Friday.