The commission announced its findings after completing its ninth and penultimate visit to the city.
In addition to reviewing the progress made by the Organising Committee for the Turin 2006 Olympic and Paralympic Games (TOROC) and by public authorities, the commission addressed the services that will be provided to the athletes, international federations, national Olympic committees, the media, spectators and sponsors.
"We have seen great progress here in Turin, with venue construction, infrastructure and city beautification advancing on track and the organisation of the Games moving ahead well," said commission chairman Jean-Claude Killy.
"The quality of construction and the detailed work of the Organising Committee should provide a first-rate experience for the athletes, who will be arriving less than eight months from now."
However, Turin has suffered continuing financial problems after organisers claimed there was a B180million hole in their books, due to sponsorship shortfalls and lower sales forecasts. It later emerged that an additional B65million needed to be raised from sponsors.
"Since the full coordination commission visit in December of last year, a solution has been found to the potential budget concerns and the organising committee has been given a fresh sense of direction and renewed purpose," said Killy.
"The IOC has also been pleased to note improved cooperation by the local, regional and national government, with that cooperation delivering positive results."
The commission's next full visit is in November, by which time all the venues and infrastructure must be complete for final testing ahead of the Games.
And Killy warned that there was still some way to go. "There should be no doubt that a huge amount of work remains to be done before the Games. The IOC is confident that the remaining work can and will be completed successfully, delivering Olympic Games that demonstrate the best of Italy."
TOROC president Valentino Castellani said: "We are confident that both the physical and organisational aspects will be ready for these Italian Games to be brought to life by the athletes and spectators."
