Corporate governance ________.

Question

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Corporate governance is the process carried out by the board of directors to provide direction and oversight on behalf of the stakeholders, including the shareholders, employees, customers, suppliers, and community. While regulations such as the 1933 and 1934 securities acts require certain disclosures and transparency, corporate governance goes beyond compliance with regulations. It encompasses the entire set of relationships among the company's management, board of directors, shareholders, and other stakeholders. Corporate governance is not a new concept and has been practiced for centuries in different forms. However, the accounting scandals in the early 2000s such as Enron, WorldCom, and Tyco International brought renewed attention to the importance of effective corporate governance as a means to prevent fraud and ensure that financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP).

Corporate Governance ________