Sound governance has gained global attention due to fraud scandals and corporate failures, prompting internal auditors to play a more active role. The paper evaluates the impact of internal audit functions on the effectiveness of corporate governance of public universities in Malawi. A quantitative survey design was employed, with data collected from audit committee members, executive managers, and internal audit personnel using a questionnaire. Multiple linear regression analysis was used to examine the relationships between internal audit functions related to risk management, internal control, and compliance and corporate governance effectiveness. The results revealed that internal audit functions related to risk management and internal control positively affect corporate governance, but their effects are insignificant to drive major improvements. In contrast, the study found that internal audit functions related to compliance have a positive and significant effect, indicating that adherence to relevant laws, and regulations plays a crucial role in enhancing corporate governance in these universities. These findings underscore the need for public university councils to institutionalize Enterprise Risk Management (ERM) frameworks and reinforce internal control systems, as well as for policymakers to formalize the internal audit profession to enhance auditor independence and competence. The study is limited to public universities in Malawi, indicating a need for future research on private universities and other sectors, and for examining additional variables such as composition of the councils, public–private partnerships, and digital public service systems.