The purpose of this study is to investigate the relationship among the CEO power, internal control quality and cash holding value. Data on internal control weaknesses information are hand-collected from the prospectuses of initial public offering and seasoned equity offering firms from 2007 to 2020. The good quality of internal control is defined as if the CPAs do not address the internal control deficiencies and the improvement suggestions. The empirical results show that there is a positive relationship between CEO power and cash holding value. The positive relationship will be increased for firms with better internal control quality, implying that internal control quality and CEO power both play an important role in cash management.