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The Audit Committee has the authority and responsibility to conduct any audit it deems necessary to perform, and such other duties as may be assigned to it by the Executive Board and/or the IOC President.
The responsibilities of the Audit Committee are to:
The Audit Committee is supported by the Chief Internal Auditor and oversees all IOC entities, including The Olympic Foundation for Culture and Heritage, the Olympic Foundation, Olympic Solidarity, IOC Television and Marketing Services, Olympic Broadcasting Services and the Olympic Channel.
Chief Internal Auditor
The Chairman reports to the EB on how the Audit Committee has discharged its responsibilities, making recommendations it deems appropriate on any issue within its terms of reference.
He or she attends the Session to answer any questions on the Committee’s activities.
The Committee produces an activity report for the IOC’s Interim and Final reports.
The Audit Committee meets as often as it determines, but at least twice a year.
Only Committee members are automatically entitled to attend its meetings. The Audit Committee then decides if non-members should attend for a particular meeting or agenda item. The Director General and external audit lead partner are regularly invited to attend, as are the Finance Director and Internal Auditor, who acts as secretary for the Committee.
At least once a year, the Committee meets the external and internal auditors, without management present, to discuss matters related to its remit and other audit-related issues.
The Audit Committee is authorised to hire outside counsel or other consultants. A budget is established for this, and to cover the costs of its meetings and other activities.
The Audit Committee reviews its terms of reference annually and proposes any revisions to the Executive Board.