The FAI has vowed to learn lessons in relation to payments made to chief executive Jonathan Hill and has also pledged to find a solution to its requirement to have 40% female representation on its board.
A Sport Ireland-commissioned audit identified that the FAI's CEO Hill received payments, which were made to him in lieu of holidays not taken and expenses related to commuting from the UK, were above an agreed limit set out in the Memorandum of Understanding between the government and the FAI, which led to the association's bailout in 2020.
Hill has agreed to repay the sum.
In a statement, the association expressed regret at the payments and pledged to implement recommendations.
"Regarding the MOU clause relating to CEO remuneration, the board has conducted a full and detailed review of the issue with the Executive," the FAI said.
"The board regret what happened and are committed to ensuring the lessons learned are fully adopted.
"The board and the executive team fully accept the recommendations of the report from Sport Ireland and are committed to implementing the recommendations immediately."
Meanwhile, regarding female representation on its board, the required 75% majority to pass a proposal to make a constitutional change that would allow for the addition of two female members to the board was not reached when it was put before delegates at an EGM last week.
Under the terms of the Memorandum of Understanding, the FAI is required to have 40% female representation on the board by the end of this year.
Subsequently, Minister of State for Sport Thomas Byrne warned the FAI that it would face a 50% cut in funding for projects next year if it does not implement promised governance reform, noting that 155 of 163 agreed reforms had been implemented to date.
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In today's statement the FAI vowed to find a solution that would allow it to meet the requirement.
"The board have noted the subsequent comments made by Minister of State at the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media Thomas Byrne where he clearly outlined the requirement to maintain a 50:50 ratio of football directors to Independent directors into 2024 and beyond for the FAI to secure the full financial support of Government," the FAI said.
"The FAI board will consult with a cross section of members in the coming days to discuss potential solutions so that recommendations can be brought forward. It is the FAI board's intention to meet the requirements outlined by Government."
Meanwhile, Tony Keohane has been put forward by the association as their nomination to be the new chair of the FAI board.
Keohane has worked previously with Tesco Ireland, Uisce Éireann and Repak, amongst other organisations and would take over the role from Roy Barrett, who announced his intention to step away from the role in January.
"I am delighted that Tony has been nominated for Chair," said FAI president Gerry McAnaney.
"With an unparalleled track record of success, his experience and insight will be a huge asset for the FAI as we continue our ambitious plans.
"Tony will play a central role as we grow the game by: implementing our facilities investment strategy, enable every Irish person to participate in our game, allow all involved in the game to reach their full potential and inspire the nation through international success at the highest level.
"I also want to take this opportunity to thank Roy Barrett for his stellar work as chair and for all his service to Irish football. The association - and indeed the sport - is in a far stronger position thanks to Roy's efforts over the last number of years and, on behalf of the FAI, I would like to express my deepest gratitude to him."
Keohane's appointment will be ratified at the FAI's AGM on 10 December.
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