The Board of Auditors is composed of five members appointed by the Board of Governors. New members to the Board of Auditors are appointed for a non-renewable term of three years. In line with Article 24 of the By-Laws two members are appointed upon proposal of the Chairperson of the Board of Governors, two members are proposed by the supreme audit institutions of the ESM Members based on a system of rotation, and one member by the European Court of Auditors. The current members are:
- Member since 8 October 2018
- Appointed upon nomination by the Supreme Audit Institution of Malta
- Member since 8 October 2019
- Appointed upon nomination of the Supreme Audit Institution of Greece
- Member since 8 October 2018
- Appointed upon proposal of the Chairperson of the Board of Governors
- Member since 1 April 2019
- Appointed upon proposal of the Chairperson of the Board of Governors
- Member since 17 December 2019
- Appointed upon nomination by the European Court of Auditors