The purpose of this study is to investigate the perceived role of corporate governance in reducing the level of fraud. It examines three major components of corporate governance (internal audit, internal control, and external audit). A survey of 160 executives yielding a response rate of 43.8% was used. The main findings of regression analysis indicate that among the three corporate governance components, internal audit is perceived as the most significant in reducing fraud level. The in-depth investigation of the components’ dimensions (existence, implementation, and effectiveness) indicates that the effectiveness dimension is the most significant in reducing the fraud level.