Background: Fraud risk assessment as a control mechanism is becoming necessary due to continuous and never-ending fraudulent activities. Frauds arise regardless of the existence of codes for corporate governance and available control activities such as those of internal and external audit units. It is high time for the corporate governance functions such as Audit and Risk Committees and Senior Management to identify the controls, which can assist in achieving good corporate governance and at the same time provide satisfaction to the shareholders. Objective: This paper intends to identify the relationship between fraud risk assessment and good corporate governance of companies listed in the Muscat Stock Market in the Sultanate of Oman. Methods/Approach: A quantitative method with a descriptive cross-sectional survey design has been utilized and data have been analysed by utilizing PLS-SEM. Result: Fraud risk assessment has a significant direct impact on good corporate governance, and the adoption and implementation of the fraud risk assessment will assist in the achievement of good corporate governance. Conclusion: It is highly recommended that organizations adopt fraud risk assessment as fraud detection, control mechanism, and embed it in their corporate governance policies, which will eventually aid in the achievement of good corporate governance.

With the application of the agency theory and institutional theory, this study is intended towards the measurement of sustainable corporate governance (SCG) impact on internal audit function (IA) within Omani public listed companies. This study will also theoretically consider the Chinese investment in Oman and its potential impact on Oman’s corporate governance. For this study, SCG is an independent variable and IA is the dependent variable. This study used a descriptive cross-sectional survey design. Data is collected by an internet-based tool and analyzed via PLS-SEM and SPSS. Result suggests that SCG has a significant and direct relationship with IA. In order to attract and sustain Chinese investment and to achieve SCG, this study can assist regulators, professional bodies, and organizations in amending their codes of corporate governance and organizational policies by introducing SCG clauses into their policies and codes with emphasis on the protection of foreign investors. To the best of the knowledge of the researcher, this study is unique, as previous studies demonstrate the IA on SCG, whereas this study emphasizes that SCG can impact the control functions within organizations that also include IA.

This study aims to examine the impact of fraud risk assessment (FRA) and internal audit activity (IA) on sustainable corporate governance (SCG) in publicly listed companies in Oman, through the lenses of Fraud Triangle Theory, Institutional Theory, and Agency Theory. The study also investigates the mediating role of IA between FRA and SCG. A descriptive cross-sectional survey design was employed, targeting members of the board of directors, senior management, and internal audit departments. Data was collected using a web-based application and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that IA has a significant direct impact on SCG and also mediates the relationship between FRA and SCG. However, FRA alone does not show a significant direct effect on SCG. The study concludes that while FRA is essential, its effectiveness in achieving sustainable corporate governance is realized primarily through the activities of internal audit. This research has important implications for regulators and policymakers, suggesting the need for revised corporate governance codes that emphasize the critical role of internal audit in fraud prevention and sustainable governance. Additionally, it highlights the potential for further studies in other Gulf countries and within private companies to validate and extend these findings.