Deloitte Financial Advisory Services will conduct the audit, Gov. Lincoln Chafee announced Wednesday.
The audit's parameters have yet to be determined, but Chafee said he wants it to explore how 38 Studios spent its money and whether any of it went to Schilling.
"There are a lot of questions still out there," Chafee said.
38 Studios, which was lured to Rhode Island from Massachusetts in 2010 with a $75 million loan guarantee from the state's Economic Development Corp., laid off its entire work force last week, including about 300 employees in Providence and more in Maryland. The state would likely be responsible for some of 38 Studios' debts should it collapse.
The 2010 financing deal requires 38 Studios to pay for the audit. State officials said the cost would depend on the scope of the audit.
Calls to Schilling were not immediately returned Wednesday.
The firm's financial troubles came to light this month when it defaulted on a $1.1 million payment to the EDC that was due May 1. The company later paid -- but only after first delivering a check that it acknowledged soon after would not clear.
Chafee also announced Wednesday that another member of the EDC board has agreed to step down. The latest resignation comes from board member Stephen Lane. Chafee said he is seeking the resignations of board members who supported the loan guarantee.
"I think we need a fresh start," Chafee, an independent, said of the board.
Board vice chairwoman Helena Foulkes, board member Lynn Singleton and EDC executive director Keith Stokes -- a vigorous backer of the guarantee -- have already resigned.
Calls to Lane were not immediately returned Wednesday evening.