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corporate governance and regulations relating to internal control first of all we need to understand what is corporate governance first of all the word corporate mean business and governance word has been driven from a latin word governor so it means governor means directing a ship in the chosen direction so corporate governance means directing a business organization towards a chosen direction thats a an informal definition but what basically is corporate governance corporate governance is something like this its a collection of four things its a combination of four things people you see people written policies written procedures and processes combined these four combined will help you achieve every organization will have let me give you an overall idea what its all about every organization has a certain goals towards which it puts an effort to achieve it lets say this is your organization goal short term or long term right so in corporate governance we talk about long term goal