Drawing on prior empirical research on disclosure practices, this study examines the significant effect of the board roles, board diversity, audit committee, corporate disclosure and the level of importance of disclosures and transparency in financial reporting with regard on a sample of the public listed company in Malaysia. The significant of the disclosure in financial reporting have been initiated around the world and in Malaysian context with the aim of enhancing corporate governance and transparency in financial reporting. Disclosure and transparency are essential element of corporate governance as they provide the base for corporate transaction and financial reporting performance. The roles of the board has been explained by the Malaysian Code of Corporate Governance (MCCG) under principal 1 of MCCG with regard to establish clear roles and responsibilities. Hence, it was responsibilities of the board to fulfil their duties and oversee the conduct of company’s business and review the adequacy and integrity of the management information and internal control system of the company. Audit committee is characterized by committee member independence and financial expertise. The results show that in general most of the public listed company in Malaysia indicates that there is high level of importance of disclosure and transparency in financial reporting. In particular, the results reveal that audit committee independence and expertise affect the importance of disclosure and transparency in financial reporting. The results also indicate that disclosure and transparency is affected by board roles and board diversity. On contrary, the results show that there is no significant effect of the corporate culture on the importance of disclosure and transparency in financial reporting of the public listed company in Malaysia.