Auditing IT Governance Controls

Imagine you're an IT consultant brought in to assist a company with its technology strategy. The company's CEO asks you, 'I keep hearing about this term $"$IT governance," but what does it really mean? How does it impact our operations and, more importantly, our bottom line?$\text{'}$ How would you explain IT governance to the CEO in a way that highlights its relevance to information systems auditing? Can you share examples of how effective IT governance directly contributes to aligning IT activities with the company's broader business goals?