Is there any relationship between corporate governance and internal control of the company?

Question

is there any relationship between corporate governance and internal control of the company?

Answer 1

Of course.

Corporate governance is what the board of directors is charged with doing - governing the affairs of the corporation.

One of their chief tasks / goals is to make sure that the company on whose board they serve has adequate internal controls to protect the assets of the company for the benefit of the shareholders.

To state it differently, if the company suffers a loss due to inadequate internal controls, the board of directors has failed in one of its most important corporate governance duties.

Answer 2

yes there is a relationship... some aspects of corporate governance is part of the internal control policies.  example for the corporate governance is that purchases above USD100,000 requires board approval which on the other hand is part of the internal control policy on purchasing.