The objective of this paper is twofold. Firstly, it portrays and evaluates the existing corporate governance structure and secondly, highlights its connection with internal audit function and management practices. It is adopted a descriptive research analysis using the quantitative approach on a sample of listed companies in Athens Stock Exchange for the year 2016. Our methodological research instrument is based on COSO (2013) Internal Control - Integrated Framework. The paper concludes that corporate governance is driven to managerial excellence and effective governance because of internal audit processes, risk assessment, control activities, information and communication, and monitoring activities. The research contributes to the corporate governance literature by providing valuable insights into the major aspects of a well-functioning internal control system and its relevance to management performance. Proposed areas for future research directions should be discussed.

The 2007 was the year that the global economic crisis broke which resulted in the creation of a recession situation in almost the entire world. During this period, there were significant weaknesses in corporate governance, which (...)

Purpose: The purpose of this paper is to examine the role of internal audit with respect to Auditing Corporate Governance Statements based on a practical approach. Moreover, it examines the application of internal control best practices in the Athens publicly listed firms based on a series of related statements.Design/methodology/approach: The authors conducted all large and medium capitalization publicly listed companies via a research questionnaire which forms a basis of a descriptive research analysis. The methodology is based on the best worldwide acceptable practices as represented by the Committee of Sponsoring Organizations internal control – integrated framework, as well as the relevant laws and regulations and best practices with respect to Corporate Governance Statements.Findings: The research concludes that internal auditors limit their role in verifying compliance with the relevant laws and regulations rather than adopt a consulting role toward the improvement of the content and quality of Corporate Governance Statements information. Also, it contributes to the corporate governance research by verifying that the effectiveness of internal controls contributes to sound corporate governance practices.Practical implications: Internal auditors depending on the organization they serve may adopt different roles regarding Corporate Governance Statements preparation, review and audit such as consultative which may add value to the quality of Corporate Governance Statements.Originality/value: It is the first research regarding quality characteristics of the Corporate Governance Statements and the role of internal audit in Greece, and it provides the basis for further research among European Union countries.

Purpose: The authors examine the effect of greenhouse gas (ghg) assurance on cost of debt, and the effect of board gender diversity on cost of debt, for an international sample of listed companies.Design/methodology/approach: Utilizing firm-level data and a quantile regression approach, this study examines the effects of greenhouse gas assurance and board diversity on cost of debt by employing an international sample of firms during 2015–2021.Findings: The authors find that in firms with a relatively low cost of debt the external assurance of greenhouse gas emissions and gender diversity could significantly contribute to a reduction of cost of debt. Furthermore, other measures of board diversity that are linked with independent directors and skilled directors seem to contribute to an increase of firms' cost of debt in the lower end of distribution. Drawing from the agency theory, the authors showcase the fact that ghg assurance reduces information asymmetry and therefore agency costs such as borrowing costs and signals to the stakeholders a long-term commitment to excellence.Originality/value: This study is the first that provides insights on the relationship between ghg assurance, board diversity and cost of debt.