...If LJB decides to go public the first thing the President needs to about new internal control requirements is the Sarbanes-Oxley Act or SOX. The Sarbanes-Oxley Act is a United States federal law which sets new or enhanced standards for all U.S. public companies. The reason that this SOX bill was created was because a a number of major corporate and accounting scandals. When these scandals happened they cost investors billions in losses because the share prices fell it shook public confidence in our securities markets. With the SOX act all publicly traded companies must maintain internal controls where there are checks and balances when it comes to the company’s finances. Another thing LJB must look at if the company decides to go public is the most basic component of the internal control system both in the environment as well as its control activities. In the environment the President of LJB mush make sure that his employees value integrity and understand that all unethical activity will not be tolerated. When looking at the control activities, the President should understand the importance of controlling the activities of the company. He must understand the importance of preventing fraud. The president must also know that in order to reduce the occurrence of fraud he should have policies and procedures in place to address the specific risks faced by the company and going back to environmental controls, the President should also make it known that if such activity does occur...
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...system of checks and balances was created. This is a system to check the government and...
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...American National Government Topic 1 American Government: An Introduction Assessment 1 Chapter 1 Directions: Answer the following questions after viewing the assigned Power Point presentation and reading related materials in the text. Be sure to use complete sentences. 1. Define government and politics. Compare these two terms and cite examples of each. Explain how the two terms are distinct but related to each other. · Government is the people who run the country. Politics is the process followed by the leaders of political groups who rule the country. Government implements the policies of the lands, such as with the judicial branch to enforce the laws, the legislative branch to create the laws, and the executive branch to perform national security duties. And politics are the tool utilized by the government. They both utilize political science which is the study of government and politics. While they both perform and aid the same basic function of running the country, politics is just the process while the government is the actual facility performing the tasks. 2. What is anarchy? Can anarchy ever a viable alternative to government, in your opinion? Why or why not? · Anarchy is living in a state of lawlessness. I believe it cannot, because humans do not function correctly without some type of structure. Without structure there will be total chaos. Murders and other unmentionable crimes will occur with no repercussions being put into place. 3. What...
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...future of the nation. The Articles of Confederation was intended to discourage oppression, but failed to accomplish this because it lacked a chief executive, a court system, and the central government could not force a state pay taxes. James Madison was primarily concerned with how they framed the document to assure that tyranny did not have a chance to resurface. They drafted the new constitution in hopes that it would keep the country from falling apart. James Madison and his fellow delegates framed the constitution to protect the country from tyranny by any one individual, group of individuals, branch, or level of government from gaining too much power by including the areas of Federalism, separation of powers, a system of checks and balances, and big states versus small states. Federalism was a major component in guarding against tyranny in the Constitution. James Madison described it as a “compound republic of America” that focused on the division of the central government and the states. (Doc A) The governments were given individual powers and also shared other powers. This system provides dual...
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...“The Vice-President of the US has no real importance, only potential importance as the next president.” How far do you agree with the view? The executive is the core of the government, where policy is formed and executed. In the USA there is a presidential executive, providing the political leadership of the country. The role of the president is outlined in Article 2. All executive power is vested in one president, elected separately from Congress with his own mandate. It is a single-person executive and president’s cabinet has no constitutionally derived power or electoral mandate, and the president may or may not seek their advice when making decisions (unlike the “cabinet government” in the UK, which is a plural executive drawn from Parliament). Although the president does have enumerated powers, more media attention than the Vice President and more overall power in the executive, the Vice President has more importance than just potentially becoming the next president. The president has formal enumerated powers, which makes him more important than the vice president who is elected under him. The president is chief executive and executive power is only given to the president, rather than shared between the president and the vice president. The executive branch is under presidential control and he is responsible for the federal budget, setting out and implementing the policy agenda for the USA. The executive powers also include the power of patronage and pardon. For example...
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...federal and state governmental bodies play were established. Articles I, II and III contain the multifaceted powers as well as the checks and balances for and between the legislative, executive and judicial branches. This paper examines the reasons and benefits of the three divisions in the government, the obstacles to creating legislation due to the division of power among the branches, and the conflict and issues between supporters of federal versus states rights were characterized at the nation’s birth and at present. When the American forefather divided the government they did it with our futures in mind, a government for the people. In order to make sure things are done correctly and fairly they decided to make three branches, the legislative branch is the House of Representatives which is the congress and also includes the senate which is used for law making decisions. Our forefathers made it this way so that each state had proper representation. The legislative branch receives thousands of bills ever two years and it is the legislative branches duties to make sure only necessary bills are entered into the house. The judicial branch is the Supreme Court and the only court established by the constitution to make sure our constitution is upheld to the highest standards. The Supreme Court is the only court that can make decision of national importance to our country. Our forefathers knew that without some court system to uphold the constitution that people would try to read...
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...Introduction There are three founding principles to America’s republican form of government, to its society, and to the lives of its citizens. These are the personal and political freedom, legal equality and equality of opportunity and separation of powers and checks and balances. The importance of these three founding principles to America’s republican form of government will be discussed in this paper. Discussion Personal and political freedom is the first of the three founding principles to America’s republican form of government. Personal freedom means that the people need to experience the liberty to do what they want to do in their own lives provided that they do not violate any laws as provided by the Constitution. The people need to be able to exercise their right to make decisions and not be harassed or forced to make a decision that they do not like. Because America is a democracy, people have the freedom to express their ideas and opinions about important social issues that have a tremendous impact on their lives (Bardes, 2008). Thus, it becomes the responsibility of the government to be able to listen to these ideas and opinions of the people and make sure that they are able to integrate them in their decision making process. The ideas and opinions of the people are expressions of either their satisfaction to the programs and services that they are getting from the government or their suggestions for improvement that the government has to consider. Either way,...
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...clause of the Article 1, Section 8, of the Constitution, which gives Congress the power to regulate commerce among the states. This was very important to the Constitution because the commerce clause was a major factor that increased the national governments power. After the Revolution ended and independence was a reality, it became clear that the national government had neither the economic nor the military power to function effectively. In 1786 a sever problem happened in Massachusetts where high interest rates and high state taxes were forcing farmers into bankruptcy. The Shays Rebellion revolted against established order continuing until 1787 when Massachusetts appealed to the constitution for help. The rebellion demonstrated the importance of the confederation and urgent need for national government power. The rebellion led to the Constitutional Convention where the New Jersey and Virginia Plan was presented. The Virginia Plan defeated the New Jersey plan 7-3 which created a more powerful national government with separation of powers into three branches. The separations of powers are the assignments of...
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...Pushing the Limits of Power The president of the United States is often referred to as the most powerful man in the world – and with good reason. As a global hegemon, the decisions made by the U.S. executive are under a constant spotlight, and are often scrutinized. With so much power entrusted in one man, things are bound to go wrong. The president is simply too powerful, and the American people would be better suited with a less-dominant office. Since not all powers of the president are created equal, it is imperative to first distinguish between certain functions, in order to get a better sense of the broad, main areas a president is actually dealing with on a day-to-day basis. A more practical approach to identifying presidential powers is by breaking them up into five key duties: (1) head of state, (2) chief diplomat, (3) chief legislator, (4) chief executive, and (5) commander in chief. Although the five functions mentioned above do not cover everything a president is required to do, it is relatively easy to place both expressed and inherent powers within each subcategory, which allows for greater in-depth analysis. To begin, we’ll dive into one of the president’s more ceremonial powers – as the head of state. Head of State The president is required to act in a formal role as head of state. This role is often referred to as being ceremonial,...
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...Working as the Framers of the Constitution intended, there should be a balance of power, with the legislative branch making the laws, the executive branch enforcing them, and the judicial branch interpreting the laws and deciding if they apply to specific cases. In all of this, the Legislative branch is supposed to be the most powerful, the most representative of the people's voice, and the introduction of that voice to policy making in our federal government. The other two branches have specific duties and powers that are supposed to be limited to those duties, as well as their checks that maintain that balance of power. In the last hundred years, there has been a significant shift in the balance of power towards the executive branch and the judicial branch alike. For the Supreme Court, they have encroached into the legislative branch's territory with decisions like Roe v. Wade and (insert here for the equal marriage decision) that seem to now function as the law of the land, when according to the Constitution, they are supposed to be limited to interpreting the law, not creating federal laws, as that is legislative territory....
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...1. Does the public have the right to know? How does this right figure into a discussion of media ethics? Please use at least one example to illustrate the importance of the public’s right to know and one to illustrate the conflict this can sometimes set up for a journalist seeking to report the facts accurately. If we are to live in a society shaped and molded by virtue ethics, then the public has the right to know about what happens within our society, in order to make an informed consent. On the other hand, there are times that reporting information can cause more harm than good. The key concept to virtue ethics is balance; within ourselves personally and the society we live in. This balance cannot be achieved if we are prisoners in Plato’s cave of shadows. We would therefore be blind, basing our reasoning on false reality of the shadows we take as truths, which ultimately lead to flawed character development. We must maintain the ability to reason upon facts, being that what could potentially be kept from us might be detrimental in the development of our character and what we value as acceptable and not acceptable on a personal and social level. Sometimes there is a greater responsibility held by journalists than just informing the public, such as wartime situations where societies best interests and safety are involved. As it relates to media ethics, journalists hold the responsibility to uphold a virtuously high ethic of conduct when reporting information...
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..."We must confine ourselves to the powers described in the Constitution, and the moment we pass it, we take an arbitrary stride towards a despotic Government." This statement by James Jackson illustrates the importance of a constitutional government. Constitutional governments are made up of many different provisions. One important provision is fundamental rights, or rights that cannot be taken away. These rights are given to all law abiding citizens for protection from the government. There are many but some of the fundamental rights include the freedom of speech, freedom of belief and religion, and the freedom of opinion and expression. Another provision is the rule of law. This means that everyone is held at the same level of accountability and no one is above or below the law. This helps to ensure the safety of the citizens and control the potentially excessive...
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...caused problems with the economy because states did want to give up its own money to a central government. They felt like it would turn into something similar to the British Monarchy. With each state printing its own money and having their own military, it was difficult, if not impossible for the government to create any unity among the states (The Articles of Confederation, 2015). The Articles of Confederation presented a good platform to work with, but clearly needed revising if the Unites States was to work together as one country. With the new Constitution, which was adopted in June of 1788, both the government and the states became more unified. Each state agreed on the terms before that happened. The people felt there had to be checks and balances to keep the...
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...fights for his or her country What happened at Valley Forge? The military camp of the continental army, which turned out to be very devastating in the winter Who said, “ I have not yet begun to fight.” John Paul Jones What did George Washington do after war? Went back home at Mount Vernon How many states were needed to approve the Articles of Confederation? 13 The final authority in the Federal System is… Constitution/Judicial What are checks and balances? A system that limits power between the three branches of government What are Federalists? People who supported a strong central government therefore they were the ones who also favored the constitution. What was America’s first constitution? Articles of Confederation What happens in a depression? The economy goes down and most people are jobless. What were the Federalist Papers? An 85 page essay, trying to get New York to ratify the Constitution What is the most distinctive feature of the US Government? Separation of Powers The president can check congress through what? Veto What was the most important crop in Jamestown? Tabaco What is pacifist? A person who believes that violence and war is unjustifiable Why were separatists called pilgrims? They were the separatists in England and Pilgrims in the colonies. What type of relationship did the French have with the Native Americans? The strongest of anyone else How were the Indians paid for the island of Manhattan? $24 of beads and...
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...headphones. KOSS went public in 1965. Over the last ten years, its stock price has ranged from $8 in July 2002, to its peak at $15 in July 2006 to its low at $4 in July 2010. The Chief Executive Officer (CEO), Michael J. Koss (MJK), the founder’s son, and his family directly or indirectly own in excess of 70 percent of the company’s 851,000 shares. A $34 million embezzlement of cash from the KOSS occurred over a 12-year period from 1997 through December 2009. QUESTIONS AND ANSWERS 1. What is the problem in the Koss Corporation case? This case evolves about a wide-ranging fraud committed by senior members of the accounting department of Koss Corporation. Over a period of years, Sachdeva, the Principal Accounting Officer, Secretary and Vice-President of Finance at Koss had stole over $30 million from the Company. Sachdeva used the embezzled funds to finance her extravagant lifestyle and for her personal spendings. Mulvaney, working in concert with Sachdeva, prepared false journal entries to disguise Sachdeva's misappropriation of funds. Sachdeva and Mulvaney attempted to hide the embezzlement in the Company's financial statements by overstating assets, expenses, and cost of sales, and by understating liabilities and sales. Over the last 12 years, Koss never realised the embezzlement made by the culprit. The embezzlement was revealed on December 18, 2009, when American Express (principal bank for Koss Corporation) notified the Company that funds were being wired from a Company bank account...
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