Economic success of a country is the success of big corporations of that country. Corporate governance is thus economic governance in general. Some of the major corporate scandals that stunned global economies and businesses followed by falling down of corporate giants like Enron, BCCI, Coloroll, Polly Pech, Barings, HIH Insurance and Parmalat resulted in tight regulations, codes, and principles of corporate governance. These scandals erupted due to nonexistent of accountability and transparency principles of corporate governance within these companies as the management concealed important facts from the shareholders and that they were also not accountable for their actions. This empirical research study intends to examine different characteristics of Corporate Governance and their impact on firm performance. These characteristics include Transparency and Accountability. Analysis would be based on primary data which will be collected through questionnaire from 200 respondents from 10 public sector companies and 10 private sector companies. Purpose of the study is to determine the nature of relationship between accountability and transparency with firm performance in private as well as public sector companies. Results of the study revealed positive relationship between accountability and transparency with firm performance and vice versa. In case of private sector companies, there was highly significant relationship between accountability, transparency and firm performance. Whereas insignificant relationship of the same was observed in public sector companies.