Corporate governance eliminates the need for internal controls.

Question

Quizplus · Accepted Answer

Corporate governance and internal controls are both important components of a well-managed organization, but they serve different functions. Corporate governance provides oversight and guidance for the overall direction and management of the organization, while internal controls help ensure that specific processes and transactions are carried out accurately and in accordance with policies and regulations. While strong corporate governance can help create a culture of ethical behavior and accountability, it does not replace the need for internal controls to monitor and safeguard specific business activities.

Corporate Governance Eliminates the Need for Internal Controls