 Join Now! |
About UsNeed for the Association We serve the audit committees of public companies, private companies and nonprofit organizations. We are managed by current and former audit committee chairs and corporate governance experts. Public company audit committees are under increasing pressure from shareholder groups and government regulatory authorities to oversee public company management in order to prevent corporate corruption. Audit committees of public companies have been given an array of new powers and responsibilities under the Sarbanes-Oxley Act of 2002 and rules adopted or to be adopted by the Securities and Exchange Commission, the New York Stock Exchange, and the Nasdaq Stock Market. Audit committee members must not only fully understand these new powers and responsibilities, they must develop best practices in exercising them in an environment where little clear guidance exists and where new developments occur on almost a weekly basis. Audit committee members can protect themselves against personal liability by developing and implementing policies and procedures which represent national best practices. The Association of Audit Committee Members, Inc. (the AACMI), a non-profit organization, was formed to assist audit committee members in meeting these challenges through an organization independent of the public companies they serve, independent of any accounting firms, and controlled predominately by chairmen of audit committees. Nonprofit organizations are likewise being pressured by contributors and regulators to develop good corporate governance practices, including the development of effective audit committees. Accordingly, the AACMI has created a division solely for nonprofit audit committee members. Mission Statement The AACMI promotes the professional interests of individuals who serve as members of public company audit committees by:
Form of Organization The AACMI is a Delaware not-for-profit entity intended to qualify under Section 501(c)(6) of the Internal Revenue Code of 1986. Funding The principal source of funding for the organization will be member dues, which will be paid by the companies on whose audit committees AACMI members serve.
Annual dues for members are $1,000 per year, per public company (includes all directors and management),
and $500 per nonprofit organization (including all directors and management). Additional funding may be obtained from corporate sponsorships, sales of publications, and advertising revenue. Member BenefitsThe AACMI offers a number of benefits to members to enable them to carry out their obligations as audit committee members on an informed basis. Specific benefits include:
The AACMI may also advocate on behalf of audit committees in connection with legislative and regulatory proposals affecting audit committee members. Insurance SavingsThe AACMI has been advised that savings on director and officer liability policies may be obtainable from a number of insurers for participation by audit committee members in AACMI educational activities. Armfield, Harrison & Thomas David L. Schaefer, CPCU, RPLU, Principal Toll Free: 800-648-4807 o Phone: 703-737-2222 Cell: 703-868-9178 o Fax: 703-771-1852 dschaefer@ahtins.com The AACMI has been advised by David L. Schaefer that his firm has developed a proprietary corporate governance program for public companies entitled "Ensuring Integrity", and that several of his firm's underwriting relationships have committed to providing preferred director and officer liability insurance pricing, coverage terms and capacity for companies that participate in this program. The Association has also been advised that activities of audit committee members in the Association are consistent with this proprietary corporate governance program. Frank Crystal & Company Frank Crystal offers a distinct alternative in insurance brokerage: the client-centric approach of a boutique with the resources and specialty expertise of a larger firm. Frank Crystal has significant expertise in the specialized insurance coverages needed to address corporate liability exposures. Our experienced Professional Liability brokers understand the coverages available in the marketplace and maintain close relationships within the underwriting community. These relationships allow us to achieve the insurance objectives of our clients and to obtain the broadest, most competitive terms, conditions and pricing for members of the Association. Willis Group Ltd. A representative of Willis Group Ltd has advised us that membership in the Association is "an important risk management consideration in negotiating rates with underwriters." Board of DirectorsRoderick M. Hills, the former Chairman of the Securities and Exchange Commission, and the former Chairman of the audit committee of Chiquita Brands International, Inc. (NYSE), serves on the AACMI Board of Directors. During his distinguished career, Mr. Hills has served as chairman of numerous audit committees and, as SEC Chairman, was a pioneer in the development of the audit committee. (Resume) Frederick D. Lipman, is the President of the Association of Audit Committee Members, Inc., an international not-for-profit organization devoted to developing best practices for audit committees. He is also a partner at Blank Rome LLP, an international law firm. Mr. Lipman is the author of Corporate Governance Best Practices (John Wiley & Sons, Inc., 2006), Executive Compensation Best Practices (John Wiley & Sons, Inc., 2008) and Whistleblowers: Incentives, Disincentives and Protective Strategies (John Wiley & sons, Inc. 2012). He is also the lead author of Audit Committees, published by The Bureau of National Affairs, Inc., Washington, D.C., which is the most comprehensive treatment of this subject currently published and is used by attorneys nationally who advise public company audit committees. Mr. Lipman has taught corporate finance, accounting and securities law at the University of Pennsylvania Law School for 10 years and has taught for five years in the MBA program at the Wharton School of Business. Mr. Lipman has appeared on CNBC, CNN, the Bloomberg network and Chinese television as a commentator on business topics and has lectured in China, India and Thailand. He is the author of twelve books, including those mentioned above. Mr. Lipman graduated from Harvard Law School. (Resume) (Bio) Allen R. Freedman is the Chairman of the Audit Committee of StoneMor Partners L.P., former CEO and Chair of Assurant, Inc. (NYSE “AIZ”), and board member of the Eaton Vance Group of mutual funds. (Bio) Richard W. Roedel is the former CEO and Chair of BDO Seidman, LLP, and is currently the Chair of the audit committee of four publicly traded companies, namely: Brightpoint, Inc. (Nasdaq), Dade Behring Holdings, Inc. (Nasdaq), Luna Innovations, Inc. (Nasdaq) and Sealy Corporation (NYSE). He is also a member of the audit committee of IHS, Inc. (NYSE). Board of Advisors Professor Emeritus Thomas I. Selling was an Associate Professor of Accounting at the American Graduate School of International Management in Arizona (also known as “Thunderbird”) and previously was a member of the staff of the Office of Chief Accountant of the SEC and an Academic Accounting Fellow. Prior to joining the faculty at Thunderbird, Tom was an Associate Professor of Accounting at the Amos Tuck School of Business Administration of Dartmouth College, the Babcock Graduate School of Management of Wake Forest University and the Sloan School of Management at Massachusetts Institute of Technology. Patricia A. Woodbury, CPA, CFE has more than 25 years of experience gained at the Public Company Accounting Oversight Board (PCAOB), the U.S. Securities and Exchange Commission (SEC), corporate financial management and public accounting. She spent nine years at the SEC in the Division of Corporation Finance, the last six of which she spent as an Assistant Chief Accountant. Ms. Woodbury is currently a managing director in the FTI Consulting Forensic and Litigation Consulting practice. Prior to rejoining FTI Consulting in 2006, she was an Associate Director in the Division of Enforcement and Investigations at the PCAOB. Contact AACMI For additional information about AACMI, contact: Frederick D. Lipman, Esq.
© Association of Audit Committee Members, Inc. |
