compare and contrast between yahoo company and google compan

compare and contrast between yahoo company and google company governance in internal auditing. answer in 2 pages. plagiarism free.

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Internal audit is a function that, although operating independently from other departments and reports directly to the audit committee, resides within an organisation (i.e. they are company employees). It is responsible for performing audits (both financial and non-financial) within a wide range of areas within a business, as directed by the annual audit plan. Internal audit look at key risks facing the business and what is being done to manage those risks effectively, to help the organisation achieve its objectives Audit Committee Charter Purpose: For google Oversee Google’s accounting and financial reporting processes Oversee Google’s relationship with its independent auditors Provide oversight regarding significant financial matters For Yahoo The purpose of the Audit and Finance Committee (the \"Committee\") of the Board of Directors (the \"Board\") of Yahoo! Inc. (the \"Company\") shall be to oversee the accounting and financial reporting processes of the Company and the audits of the financial statements of the Company. Responsibilities Google The Audit Committee’s main responsibility is to oversee Google’s financial reporting process (including Google’s disclosure controls and procedures and system of internal controls). The Audit Committee believes that Google’s policies and procedures should remain flexible in order to best react to changing conditions and circumstances. The following list includes the Audit Committee’s main recurring processes in carrying out its responsibilities. This list is intended as a guide, with the understanding that the Audit Committee can supplement it as appropriate, consistent with the requirements of the SEC and the NASDAQ. Yahoo While the Committee has the duties and responsibilities set forth in this charter, the Committee\'s responsibilities are limited to oversight. The Committee is not responsible for planning or conducting the audit or determining whether the Company\'s financial statements are complete and accurate and are in accordance with generally accepted accounting principles. The Company\'s management is responsible for preparing the financial statements and the independent auditors are responsible for auditing those financial statements. Oversee Internal Audit, Internal Controls and Financial Risk Management google The Audit Committee will review the appointment of an internal auditing executive and the Chair of the Audit Committee will meet separately with such executive at least once every quarter. The Audit Committee will review any significant issues raised in reports to management by the internal audit team. The Audit Committee will also provide oversight of the internal audit department objectives, its mission, responsibilities, independence, performance and annual plan. The Audit Committee will discuss with management and the independent auditors the design, implementation, adequacy and effectiveness of Google’s internal controls. The Audit Committee will also meet separately with the independent auditors, with and without management present, to discuss the results of their examinations. The Audit Committee will provide oversight over the system of internal controls, relying upon management’s and the independent auditors’ representations and assessments of, and recommendations regarding, these controls. The Audit Committee will review any required disclosures Yahoo Review and discuss with management and the independent auditors, periodically, the following: 1. any significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting 1.1 any fraud, whether or not material, that involves management or other employees who have a significant role in the Company\'s internal controls 1.2 any changes in internal controls or in other factors that could materially affect internal controls, including any corrective actions with regard to significant deficiencies and material weaknesses. Meetings and Minutes GOOGLE The Audit Committee will meet at least four times each year, and will keep minutes of each meeting. The Audit Committee decides when and where it will meet, and must deliver a copy of this schedule in advance to the Board of Directors. Unless the Board of Directors or this Charter provides otherwise, the Audit Committee can make, alter or repeal rules for the conduct of its business. In the absence of these rules, the Audit Committee will conduct its business in the same way the Board of Directors conducts its business. YAHOO The Committee may fix its own rules of procedure, which shall be consistent with the Bylaws of the Company and this Charter. The Committee shall meet at least once each quarter or more frequently as circumstances or such rules of procedure as it may adopt require. The Committee will meet with the independent auditors and the Company\'s internal auditor upon the completion of the annual audit to review the independent auditors\' examination and any management letter issued by the independent auditors to the Company. Delegation of Authority; google: The Audit Committee can delegate to one or more members of the Audit Committee the authority to pre-approve audit and permissible non-audit services, as long as any pre-approval of services is presented to the full Audit Committee at its next scheduled meeting. The Audit Committee cannot delegate its responsibilities to non-committee members Yahoo The Committee may form subcommittees for any purpose that the Committee deems appropriate and may delegate to such subcommittees such power and authority as the Committee deems appropriate; provided, however, that the Committee shall not delegate to a subcommittee any power or authority required by any law, regulation or listing standard to be exercised by the Committee as a whole.