The FIA is due to issue compliance certificates soon to the teams that operated within last year's cap.
However, paddock sources indicate that when the final accounting has been completed both Red Bull Racing and Aston Martin are likely to be reported as having breached the cap.
The financial regulations contain a list of potential penalties for both "minor" and "material" breaches.
The Aston Martin case is believed to be a minor breach of less than 5%, or around $7m, over the 2021 limit.
However, in Red Bull's case sources suggest that it could be a material breach of over 5%, which would carry a much tougher penalty.
Sanctions available to the FIA even include "exclusion from the championship."
The situation is seen by many in the paddock as a significant test case for Ben Sulayem and his team as an overspend last year would have been beneficial not just for the 2021 World Championship, but for this year's as well, given the development programme for 2022 cars.
Wolff, who discussed the matter with Ferrari opposite number Mattia Binotto on Friday in Singapore, is adamant that the FIA must come down hard if a team is proven to have overspent.
"The cost cap is probably the most important evolution of regulations in order to keep a level playing field," said Wolff.
"And to allow teams that haven't got the full budget to catch up and to put the ceiling onto the spending of the top teams. So, it is of huge importance for a demonstration that these regulations are policed.
"And I have no reason to believe otherwise. The FIA, particularly Mohammed, have shown a pretty robust stance on enforcing all kinds of regulations.
"So I think if we're talking now about something big, he will show the same integrity and leadership that he's done before."
Asked if a potential breach by Red Bull compromised last year's title battle Wolff declined to go into specifics.
"I have no information at that stage if they are in breach, by how much they are in breach. And obviously being in breach in one year, means you're probably in breach of a second year, and potentially a third year.
"And once that is clarified, I'm sure lots of discussions are going to take off. about what effect it would have. But it's too early at this stage to comment."
