Internal audit independence lays the foundation for its assurance services. Although the Institute of Internal Auditors (IIA) requires that chief audit executives (CAE) report to the board to ensure internal audit independence, regulations are silent on this requirement. The variances of governance models added complexity. CAEs’ relationship with the board differs depending on the organization’s board structures. Clarke (2016) recognized the three representative governance models around the world. In this research, we selected five countries representing these governance models and utilized the IIA’s survey to investigate how each governance system impacts internal audit independence and practices. Our study revealed that internal audit functions do not conform to the independence requirements. We concluded that the governance factors, specifically the board structure, have significant effects on internal audit independence and audit practices. This research is the first one that extends the understanding of the impact of corporate governance on internal auditing.