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The encouragement of firms to enhance corporate governance efficacy and improve financial reporting quality is the prime goal of the authorities in Taiwan for their financial reforms. This study has probed the impact of the global financial environment changes on the corporate governance effectiveness and the financial reporting quality. We followed the model of Financial Statement Deviation (FSD) Score, using the digit of an holistic data to identify as to whether the distribution of the whole firm-year financial statement numbers deviates from Benford’s Law. The FSD score overcomes the insufficient explanatory power on detecting the financial reporting quality in accrual models. We revealed that this quality of sound firms' corporate governance has been improved significantly, while that of the poor firms' corporate governance's has not been improved, or even worsened. These findings suggest that the legislative authorities and investors may re-examine as to whether the competent authorities have created a suitable environment to enhance the financial reporting quality.