Creative Australia commissioned the review following uproar in the arts world over the dumping of artist Khaled Sabsabi and curator Michael Dagostino.
The pair had been announced in February as the nation's picks for the Venice Biennale, contemporary art's most prestigious event.
But they were rapidly disinvited when some of Sabsabi's early work, which referenced terrorism, was raised in federal parliament, and a last-minute meeting of the Creative Australia board quickly overturned the selection.
More than 4000 people, including some of Australia's most respected artists, have since called for Sabsabi and Dagostino to be reinstated.
Creative Australia announced the appointment of consultants Blackhall & Pearl in March, however, their terms of reference did not explicitly require scrutiny of how Sabsabi and Dagostino were dumped.
In a statement issued late on Wednesday, Creative Australia said its board had received a copy of the review and was carefully considering the findings.
"The board is committed to transparency and intends to release the report in full once it has reviewed its contents and is in a position to formally respond to the recommendations," the arts agency said in a statement.
At a Senate estimates hearing examining the controversy in February, Creative Australia chief executive Adrian Colette said the review of the biennale selection process would be critical in rebuilding confidence and should not take more than a few weeks.
He repeatedly told the hearing the selection process to replace the art team "will have to happen in parallel" to the external review.
But in the months since the review was launched, there has been no sign of a formal process to find a replacement team to send to the Biennale.
That raises the likelihood Australia's official pavilion at the event will stand empty a year after the nation won the Biennale's prestigious Golden Lion for the first time.
Creative Australia initially rescinded its invitation to Sabsabi and Dagostino on the grounds that it would cause a prolonged and divisive debate and that it posed an unacceptable risk to public support for Australia's artistic community.
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