To review bids, or to delete bids:

In the admin panel, go to the Current/Active Auctions page, and click on the auction title to enter the auction dashboard. Click on the ITEMS tab from the top menu.

On this page, there is a 'Bids' column...in this column is a list of the # of bids per item. These numbers are clickable as seen below:

Find the item#, and then click on the corresponding 'bid' number which will take you to this page:

To the right of each bid row is the Action Menu - click the action menu for the ability to Delete a specific bid.

From the Auction Dashboard there is also a tab called 'Bids' as seen below. This page gives a chronological list of all bids received (newest bids at the top) and may be useful some some administrators.

Bids can also be deleted from this page as well using the Action Menu on the right.