Criteria for IT projects where Steering Committee needs to be formed

I'm responding to Audit.

What are the criteria of IT projects that generally require
a Steering Committee (members are usually the board
members like CIO, COO, CFO & snr mgmt) to be formed?

I'm thinking for apps projects that exceed US$200,000
but that's for apps projects that involve users but for
Infra projects (say a costly SIEM of $250,000), it's not
appropriate to involve COO, CFO as they would find it
irrelevant.

Any supporting white papers or authoritative that can
be shared will be useful here.

Currently, it's the Financial, Shipping, Procurement
application systems that come under Audit's radar.