A lengthy statement has been issued by the IBA in response to the IOC's latest criticism of the global governing body.

The IOC said yesterday that it had "grave concerns" over the IBA's governance, claiming that recommendations made by an independent Governance Review Group, led by Swiss professor Ulrich Haas, had not been fully implemented.

Concerns were also raised by the IOC over the IBA's financial dependency on Russian gas giant Gazprom.

However, the IBA has claimed that the IOC is "not well-informed" over the organisation’s finances and insisted that it had "implemented the vast majority of the recommended reforms" as it bids to keep boxing on the Olympic programme.

The International Federation, led by Russian Umar Kremlev, also believes that this month’s Extraordinary Congress will "dispel the myth and all doubts over IBA's commitment to good governance".

"The newly formed IBA has moved away from the issues of the past," a statement from the IBA read.

"The organisation has a new democratically elected Board of Directors, and it is a totally new entity.

"Fairness and transparency are words that are often used in the daily working environment of IBA.

"Integrity remains pivotal to our work and those adopted core values that we owe to our athletes and coaches.

"We remain at their disposal 24/7 in ensuring that the IBA vision is communicated globally; laying down the foundations of good sporting and ethical practice remains at the heart of our global work."

The IOC questioned the IBA's decision to terminate the mandate of Professor Haas' team, which had been set to conclude at the end of 2022, as well as removing a number of key IBA personnel at its Lausanne-based headquarters, claiming it resulted in an "increased" role of the Presidential office in Moscow.

However, the IBA argued that the Governance Reform Group had "fulfilled its mandate" and insisted that it was "committed" to following all of its recommendations and completing the reforms process.

"IBA is confident that it has implemented the vast majority of the recommended reforms," the IBA said.

"Whilst the remainder are work in progress, the largest aspects of this work have been completed.

"We believe that the IOC is not well-informed regarding the current financial state of IBA, but we remain open to any request for shared information.

"IBA has no concerns about the work in this space, but like all evolving organisations, we continue to strive for better in everything that we do.

"Note that the staff restructure of the Lausanne office was a necessary process for its continued smooth operation moving forward; an effective working environment with sound structure will ensure the smooth and efficient delivery of our KPIs."

The IBA said it was also "surprised" that the IOC's group of boxing experts had identified issues with the competition management and refereeing and judging at the Birmingham 2022 Commonwealth Games, insisting that "significant progress" had been made in both fields.

The organisation said it had "worked extremely closely" with the independent experts over the past six months and had received praised for its efforts.

"Comments have been made by the IOC President, Mr Thomas Bach, relating specifically to the good, clean and positive work set against the IBA Women's World Boxing Championships in Istanbul," the IBA said.

"Our work in the integrity space has already had a significant positive impact on results coming out at world level competition.

"Trust is extremely important whilst working together in the team environment; positive feedback has been prevalent during this time, so it remains really difficult and disappointing to understand the sudden change in tact and direction."

The IBA had its IOC recognition withdrawn in June 2019 due to concerns over judging and refereeing, financial stability and governance, leading to the IOC Boxing Task Force handling the sport at Tokyo 2020.

It has also been stripped of the right to organise boxing events at the Paris 2024 Olympic Games due to ongoing concerns and its Presidential election could be re-run on September 25 at an Extraordinary Congress Yerevan in Armenia.

Incumbent Kremlev is due to be challenged by Dutch Boxing Federation President Boris van der Vorst, who was not allowed to stand in a May vote but won a subsequent appeal to the Court of Arbitration for Sport.

The IBA faces an ongoing battle to save its Olympic status, having been left off the initial programme for Los Angeles 2028.