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Audit as a Tool for Corporate Governance

There is escalating awareness in recent years of the importance of corporate governance (CG) in ensuring sound financial reporting and preventing fraud. The audit serves as a monitoring device and is thus part of the CG mosaic. The objective of this paper is to evaluate the impact of audit (i.e. internal and external, cost and financial) on CG. It also has a focus on the role of disclosures in ensuring effective CG practices. This paper attempts to provide a summary of findings of theoretical literature, related to the impact of various types of audit ensuring fair CG practices within the business organization. Particular emphasis is given on the issues like – impact of external and internal auditing on CG, cooperation external and internal auditing to effectively ensure sound corporate practices, align cost audit with it and also slight focus on the transparent disclosure on CG.