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2. What does corporate governance refer to? A process effected by the entity's board of directors, designed to provide reasonable assurance regarding the achievement of objective's relating to operations, reporting, and compliance. The standards, processes, and structures that provide the foundation for carrying out internal control. . A process to identify, analyze, and manage the risks that have the potential to prevent the organization from achieving its objectives. The activities intended to help ensure that the managers of corporations make the best decisions consistent with maximizing return for the shareholders