FILE – In this Wednesday July 9, 2014 file photo, International Olympic Committee (IOC) President Thomas Bach speaks during a press conference after an executive board meeting at the IOC headquarters in Lausanne, Switzerland. IOC President Thomas Bach will receive a total of 225,000 euros ($242,000) a year in compensation to cover the costs related to his job of leading the Olympic body. The figure was disclosed Thursday April 2, 2015, as the International Olympic Committee released its “indemnity policy” covering the allowances and per diems for Bach and other members. (AP Photo/Keystone, Jean-Christophe Bott, File)

An Independent Financial Audit will be conducted by the International Olympic Committee (IOC) into grants it awards to the various International Federations and National Olympic Committees (NOCs) including the Bermuda Olympic Association in a bid to increase transparency within sport in the midst of corruption and doping scandals, Thomas Bach announced.

The process, to be initiated in 2016 and cover finances, as well as good governance aspects, was adopted by the IOC Executive Board at the conclusion of its meeting here.

It has the support of both the Federations and NOCs, according to the IOC, and 89 out of the 206 NOCs have already begun financial audits.

The news follows the Association of Summer Olympic International Federations adopting its own good governance task forces, which aims to “practically support the Federations’ intention to ensure good governance within their own structures”.

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