The Audit Committee is appointed by the IOC President, in consultation with the EB, and comprises at least three IOC members. The EB appoints the Chairman of the Committee. Its members may have no direct or indirect financial relationship with the IOC. All Committee members are financially literate, and at least one qualifies as a "financial expert".
The quorum necessary for the transaction of business is two members. A Committee meeting at which a quorum is present is competent to exercise any of the authority and powers vested in the Committee.