International Boxing Association have named the three new members of their audit committee©Getty Images

The International Boxing Association (IBA) has named the members of a new independent Audit Committee which it is claimed will take the organisation "to a new level of financial integrity".

The three independent experts named are Lausanne-based Didier Wicht, an auditor from Alteris Finance, PricewaterhouseCoopers senior manager Stacha Balmat and British official Umar Akhtar, a member of the audit and risk committee for the Federal office for Economic Affairs and Export Control (BAFA).

Wicht and Balmat are both Swiss.

The appointments come in the wake of a resolution in December 2021 to examine the IBA Constitution, with particular reference to new Finance and Audit Committees.

"IBA’s financial integrity and stability is one of our main priorities," IBA secretary general István Kovács insisted.

"Therefore, we have created a rigorous selection process to appoint the new members for the Audit and Finance Committees.

"The chosen independent members have a wealth of experience in the field of finance, and we will rely on them to help guide IBA to a new level of financial integrity."

All candidates were required to undergo background checks undertaken by the independent Interim Nomination Unit and a vetting company.

The Audit Committee is responsible "for reviewing and monitoring IBA's financial statements and accounting records".

International Boxing Association secretary general István Kovács, right, believes the new measures will help the recovery of the embattled organisation ©Getty Images
International Boxing Association secretary general István Kovács, right, believes the new measures will help the recovery of the embattled organisation ©Getty Images

The IBA had admitted it had been "on the brink of insolvency in recent years", and last month said it was "not currently possible to completely cancel" its controversial sponsorship deal with Russian energy giant Gazprom.

The IBA's financial dependence on single sources of revenue has been highlighted as a concern by the International Olympic Committee.

The new IBA Finance Committee is responsible for "financial management and to advise the IBA Board of Directors on financial  matters and asset management."

It must also prepare the budget and any financial statements.

Spanish official Felipe Martinez, who was a member of the previous Audit Committee, is the IBA Board of Directors' representative on the panel.

He is joined by Judit Tóth, chairwoman of the Institute for Training and Consulting in Banking, Budapest, and lawyer Patrick Bosshard, a founding partner at the consulting company Corpa Switzerland AG. 

Bosshard is Swiss and Tóth Hungarian.