The Ibrox squad this week rejected a 15% pay hit as new Light Blues supremo Wallace attempts to make huge savings and stem losses estimated to be £1m a month.
And Wallace has told McCoist that pay structures at all levels will come under scrutiny as part of his cost-cutting measures.
McCoist said: "I'd be very confident that he is having a total look and overhaul of the whole business from top to bottom not just in the football side and I think he's made that clear. That's good enough for me - I'll let him get on with his job.
"I asked the chief executive this question [if the executives were taking cuts too] and he said that was something they would certainly be looking at."
Less than two years after Craig Whyte plunged Rangers into administration, and despite significant funds being put into the club via their Stock Market flotation and season ticket sales, the club are once again facing a cash crisis.
Fears have risen amongst fans that a second insolvency event could be on the cards at Ibrox, which would have serious repercussions on and off the field for the Gers as they bid to return to Scotland's top flight.
Wallace has insisted administration is not a possibility and, when asked what the options are if the cost cutting measures don't take place, McCoist said: "[That is] a question I am unable to answer thankfully.
"I don't know. I can't answer the question. We can all interpret in our own ways what might happen.
"But I have been told that administration II effectively will not happen. We are looking for pluses and that has got to be a plus.
"But in terms of what would happen if things don't happen I can't tell you because I am ignorant of that."
He added: "It feels different [to 2012] for one major reason - I've been given a catagoric assurance that there will not be a chance of administration.
"That's obviously the biggest difference and it's one that we'd all be looking for.
"I've been given an assurance that that will not be the case - that there's no chance of that.
"So it's definitely different although it's still not nice."
McCoist has bore the brunt of Rangers' financial problems in recent years as he has been left to pick up the pieces from the Whyte era and been a figure for fans to rally round during a tumultuous spell that has seen significant change at boardroom level.
Supporters have become tired of broken promises from those in control at the club and McCoist is frustrated to see the Gers' in crisis once again.
He said: "It's more sadness than scepticism to be honest with you. A feeling in the pit of your stomach.
"But I've got a lot more feelings other than scepticism.
"I'll be 100 per cent honest with you - I think the club has got a chief executive that will tell everyone the truth.
"Make of that what you will but he'll completely up front.
"That has to be a positive. But obviously the overriding feeling, like all Rangers supporters, would be of disappointment at this moment in time."