There was a total of 131.5 million acres supplied by the federal government in the form of land grants. J.K. Luttrell, a democratic congressman from California gave a speech in the House of Representatives mentioning how after the civil war, “designing speculators gained control of the Congress of the United States”. He added that the result of this was giving away millions of acres of land to railroads. Luttrell felt the
First reading The legislative procedure begins with the first reading which is just a formality in both Houses. Second reading The Bill should have its second reading (in the case of Government Bills, within a fortnight). In the House of Commons a Bill is offered by a government minister. Then the outlooks of the Opposition and other parties are perceived. Although the Opposition in the Commons generally votes against it, a Bill progresses
“Democracy means that all branches and agencies of the government – the President, the Congress, the National Bank, even the Supreme Court – must listen to and follow the wishes of the People.” Andrew Jackson was one of the best democrats in office to date. Five out of eleven documents support this claim. Four of them have issues with power and land. Two of them were unclear. The first five documents include; a data table from Historical Statistics of the United States: Part 2, a couple paragraphs from The American Pageant, “Andrew Jackson’s Bank Veto Message to Congress July 10, 1832”, “Andrew Jackson’s Letter to Congress December 8, 1829”, and “Letters written by Andrew Jackson to his wife regarding their Creek Indian son, Lyncoya”.
The board of directors is responsible for overseeing and exercising corporate powers and certifying the company’s business affairs while managing the goals and objectives for long-term interests of the shareholders. Organizational Annual Report and SEC Filing The SEC requires publically traded companies to file annual financial reports, and these reports are open to the public. Investors are interested in these reports because it helps in determining the financial health of a company. As a means for providing guidelines, principles, and objectives for the financial markets in the United States, the Sarbanes-Oxley Act of 2002 enhances the SEC’s roles for reforming corporate accountability. This also includes establishing a private-sector regulator to oversee the auditing profession to combat accounting fraud, and enhancing financial disclosures.
Internal control ACCT504 Financial accounting and Managerial use, analysis Keller Graduate school of Management Professor : Linval Frazer Week 5: Case study 2 Friday , April 4, 2014 Preparing LJB’s Internal Control Reporting for Public Trading Background LJB Company , a small business local distributor who understands to go public in the future, the company should be in accordance with the law and may need to take more stringent internal control principles . At the request of the president , an independent internal evaluation of internal controls was conducted to evaluate the direction of strength and weakness. Objective The objectives of this report should evaluate the existing controls and make recommendations that will ensure the companies assets and help get the most accurate financial information. Based on a system of internal checks and balances will be just in my recommendations to the president of the company, since most of the internal control systems provide for independent internal control; This principle involves the review of data prepared by employees. To get the maximum benefit from an independent internal control : Control values and Integrity from the top make it clear that it is unethical activities will not be accepted , and set the tone for the company's culture .
Walt Disney Ethics and Compliance Ethics and Compliance Ethics and compliance in Disney’s financial environment centers directly on an Audit Committee appointed by Disney’s board of directors. Disney’s board of directors is responsible for the “oversight of the company’s systems of internal control, preparation and presentation of financial reports and compliance with applicable laws, regulations and Company policies” (Charter of the audit committee of the board of directors, 2011). The board appoints an Audit Committee to assist with meeting financial integrity and compliance obligations. The Audit Committee has the authority, funding, and access to personnel, documents, and external advisors as necessary. Members of the Committee are directors who meet eligibility rules of the “Company’s Corporate Governance Guidelines, rules of the Securities and Exchange Commission (SEC), and the standards of the New York Stock Exchange” (Charter of the audit committee of the board of directors, 2011).
Companies rely on trusting relationships with accountants to help them to meet their financial goals and maintain a competitive edge in their respective industries. The Sarbanes-Oxley Act (SOX) is a securities legislation enacted in 2002 by then President George W. Bush in direct response to the public business and financial scandals of that time, most notably Enron, Arthur Andersen and WorldCom. SOX was implemented to protect the public and stock market investors from major scandals via corporate accounting. This significant and mandatory piece of legislation introduced major changes for all organizations in financial practice regulations and corporate governance compliance. Businesses became tasked with adopting and even developing the ever-evolving role of ethical leadership and exhibitors of best practices of corporate governance as it relates to the efficiency and success of businesses, their shareholders, stakeholders and the United States economy.
Companies and their independent accountants or auditors should report the effectiveness of the companies internal controls based on these six principles. Publicly traded companies or those planning to go public are required to maintain internal controls and ensure compliance of government regulations. Company Evaluation As it relates to internal controls, the LJB Company is meeting and or adhering to some of the regulation requirements of the Sarbanes-Oxley Act within the daily operations of the business. I have provided a list below of the current processes being used within LJB Company that are being done exceptionally well. Establishing Responsibility: It is important to designate only one individual to handle specific tasks.
In the Senate, the bill is given to a clerk at the President's desk.”(Constitutional Topic). Bills must be passed by both houses in order to officially create a law. To begin with, a member of congress introduces the bill where it is sent to the clerk of the House or Senate. At that point, the bill is given a name. A committee is assigned to the bill where they have the ability to review or reject it.
Congress passed the Sarbanes-Oxley Act in 2002 that states in Sec. 406, that companies are required to tell if they have created and accepted their own code of ethics and anything else pertaining to the said code. Agreeing to the code is voluntary for companies that are held privately but some chose to also adopt and disclose their code of ethics as well as require their suppliers and service providers to reveal the code of ethics they developed (Mendes, 2006). Business code of ethics procedures should be specific for handling ethics for employees, interest conflicts, trading on the inside and discretion (Business Code of Ethics, 2005). Code of ethics to be effective for a company must be in writing and is agreed on by all employees, executives, managers, and directors and must be signed each year to comply with changing laws and policies and to be certain they are still in agreement with the laws (Business Code of Ethics, 2009).