According to The Business Post, Sport Ireland has warned IABA that they need to undergo serious reforms by a deadline of June 30 or risk losing around €1 million (£870,000/$1.2 million).

RTÉ reports that the IABA and Sport Ireland met on Tuesday (June 6) with discussions focused on the autonomy of new high-performance director Bernard Dunne, the implementation of a new rule book and the governance of the association.

Sport Ireland has acknowledged in a statement that progress is being made by IABA, but added that "significant issues of concern" remain.

Speaking on RTÉ 2fm’s Game On, Carruth said: "The rule book is at an advanced level.

"It’s not completely finished.

"There are some amendments still to be made.

"To bring it forward now to our membership in the timeline that has been put to us will be a challenge.

"But we will be endeavouring to do that in accordance with the timeframes that have been laid out for us by Sport Ireland.

"We would be confident to a degree (of IABA’s members approving the new rule book).

"There are a lot of people in the mix.

"We have a huge body of volunteers in the organisation.

"We’ve over 16,500 members."

It was reported last week that Sports Minister Patrick O'Donovan called off a meeting with IABA officials after President Pat Ryan declined to attend.

Ryan claimed he did not show up for the meeting due to family commitments.

O'Donovan has raised concerns about the chairmanship of the organisation, with incumbent Joe Christle and David O'Brien both laying claim to the role.

Christle and Carruth have each insisted he is the rightful chairman, but O'Brien has reportedly been supported by four Central Council members, including IABA's Munster Council President Gerry O'Mahony, who has since warned the only way to resolve the row would be in the courts.

Sport Ireland has given its backing to Christle.

"Sport Ireland acknowledged that Joe Christle is our chairman and we have sought legal advice on the issue," Carruth said.

"We are very confident that the matter has been put to bed."

The latest debacle involving the IABA, which has endured a tumultuous period following the country's dismal boxing performance at last year's Olympic Games in Rio de Janeiro, centres on Dunne's selection for this month's European Championships in Kyiv.

Dunne, appointed to the role of high-performance director in April, initially chose Dean Gardiner in the super-heavyweight category.

But IABA's Central Council decided he should fight national champion Martin Keenan in a box-off.

Gardiner seemingly justified Dunne's decision by beating Keenan to secure his spot on the Irish team for the event, due to take place from June 16 to 24.

O'Mahony has been selected instead of Dunne to lead the Irish squad at the European Championships, sparking further controversy.

Sport Ireland claim the Central Council of the organisation are trying to undermine the high-performance director, according to a letter from chief executive John Treacy.

Carruth has defended Dunne’s appointment.

"I think that has been the biggest and best piece of work that we have done to date since the Games," he said.

"Bernard has been welcomed very much with open arms into the high-performance programme and into the association as a whole.

"He’s very popular within boxing.

"He has a fantastic record in boxing - never being beaten as an amateur.

"Bernard is one of ours and has been welcomed as such."

Irish boxing was plagued with issues prior to Rio 2016 following a contract dispute with Billy Walsh.

He had been instrumental in guiding the Irish boxing team to four medals at London 2012, including the country’s first Olympic gold for 16 years when Katie Taylor won the women’s under 60 kilograms lightweight division.

Walsh joined USA Boxing as coach of the women's team after London 2012.

Ireland's boxers failed to win a medal at Rio 2016 and their athletes were involved in controversy both in and out of the ring.

Middleweight Michael O’Reilly was withdrawn shortly before the Opening Ceremony after admitting taking a banned drug.

Then Michael Conlan and Stephen Donnelly were among three boxers reprimanded by the International Olympic Committee after they bet on events during the Olympics.

Bantamweight world champion Conlan was involved in further controversy when Russia’s Vladimir Nikitin was awarded victory in their quarter-final bout, despite the Irish boxer having been seen by many to have dominated the fight.

Conlan then went on an expletive-laden rant in a post-fight interview with RTÉ, during which he claimed the International Boxing Association (AIBA) were "cheats" and that amateur boxing "stinks from the core to the very top".

AIBA President CK Wu was supposed to visit Dublin in January of this year to discuss the "negative narrative" around the IABA but the meeting was postponed.

Carruth says a "huge amount of work" has been done since the Olympics.

"We’ve endeavoured to learn any lessons from the Games," he added. 

"We’ve been very successful in retaining our high-performance head coach Zaur Antia.

"That was really, really important to us.

"We conducted a very intensive post-Rio review; a very honest review which went into the workings of the high-performance unit."