We test the effect of communication between those charged with governance and external auditors on foreign ownership. We establish two hypotheses based on research results showing that domestic foreign investors prefer high audit quality when selecting investment companies. The test results show that the number of communications between the internal audit organization and external auditors have a positive relationship with foreign ownership. The number of communications between internal auditors and external auditors is found to further increase the positive relationship between audit quality and foreign ownership. We divide communication into face-to-face and non-face-to-face and additionally tested how each communication method is related to foreign ownership. This study is expected to have policy implications in that it presents the results that disclosure about communication between those charged with governance and external auditors has an effect on those charged with governance. In other words, this study is expected to have a contribution in that it presents empirical data showing that the introduction of the ‘Revised External Audit Law’ can change the governance structure.