349). While Ho (2012) notes that the Organization for Economic Co-operation and Development (OECD) defines corporate governance as "a set of relationships between a company's management, its board of directors, its shareholders and “other stakeholders, as well as the structure through which…the means of achieving corporate objectives and monitoring performance are determined” (p. 464). Corporate governance requires the participation of the board of directors, management and even shareholders. They are responsible for setting the rules and regulations for decision-making and enforcing those rules (p. 2). Corporate governance is the combination of control functions that work in a unified manner to control the relationships between all stakeholders invested in the business; shareholders, managers and employees (p. 2). Moreover, corporate governance is not only about management and control, it focuses on moral values, social responsibility, dignified business practices and control activities (Minculete and Olar, 2014, p. 97) . According to Minculete and Olar, good corporate governance involves the right “association and combination within governance of operational terms such as internal audit, internal control, external audit and risk management” (p..