Many corporations have gone bankrupt since the economic missteps and scandals that led to the financial crisis at the beginning of the 21st Century. These scandals came as a result of widespread corporate greed, lack of transparency, and reckless management styles. To inflate profits and mislead the shareholders, financial reports have been tampered with and often times falsified. All of this has led to a market crash and a total loss of trust in the financial markets. To gain back the investors and public trust and avoid such scandals in the future, corporations started to focus more and more on the importance of corporate governance to bring these corporations back from the brink of collapse. Corporate CEOs and Directors started to embrace more transparent strategies and economic regulations in their commitment to their firms and the stakeholders. Transparency, disclosure of information and strict accountability of the reports are some of the factors that ensured a proper function of the firms. Transparency is considered to be one of the solutions to overcome the recklessness of managers, information asymmetry, and non-disclosure of information to the stakeholders. Corporate governance became the subject matter of many studies, conferences, and debates and has evolved ever since. It has become a very important topic in so many disciplines especially in the world of finance and accounting. Those debates made corporate governance one of the most adopted mechanisms of corporate management to ensure proper business administration and accurate and trustworthy financial reports.