The committee - which comprises former NSW premier John Fahey, former state party president Kevin McCann and party representative John Pegg - will take charge of the party's finances, property and fundraising.
Premier Mike Baird made the announcement at the NSW Liberal State Party Council on Saturday, telling members that “we must have confidence in our processes”.
“It's something we must not shy away from,” he said.
“We have to be determined to shine the light on ourselves.”
Mr Baird said state director Tony Nutt had hired former Independent Commission Against Corruption (ICAC) investigator Michael Simons to look over the party's books.
“The events we have seen at ICAC have not only let down our great party, but more importantly they let down the people of NSW,” Mr Baird said.
“The actions of a few do not define us, they do not define our party, but they must be fixed.”
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