Corporate scandals and failures worldwide and Nigeria in particular have brought much criticism on accounting profession with accusing fingers pointing at the profession as a major body to blame. The paper explores the concept of corporate governance and examines its principles and practices in Nigeria. Descriptive methodology is accepted. What is required and expected of accounting profession with respect to corporate governance is x-rayed. The paper recommends adequate punishment for inglorious and unethical practices by members and overhaul of the disciplinary committee of various professional bodies, among others