Upcoming Events

Quarterly Teleconference
Wednesday, September 10, 2008
12:00 Noon to 2:00 p.m. (Eastern Time)

12:00 p.m. to 12:30 p.m. (Eastern Time) - "What Questions Should the Audit Committee Ask About Fair Value Accounting Elections?" - Professor Emeritus Thomas Selling, formerly Associate Professor of Accounting at American Graduate School of International Management in Arizona (also known as "Thunderbird") and previously a member of the staff of the Office of Chief Accountant of the SEC and an Academic Accounting Fellow. 12:30 p.m. to 1:00 p.m. (Eastern Time) - "On Being a Successful Audit Committee Chair" - Richard W. Roedel, current Chair of four publicly traded companies and former CEO and Chair of BDO Seidman, LLP, and Frederick D. Lipman, Esq., President of AACMI, partner of Blank Rome, LLP, and author of "Audit Committees" (The Bureau of National Affairs, 2007). 1:00 p.m. to 1:30 p.m. (Eastern Time) - "Board Not Solely to Blame for Bad Governance" - John Lukomnik (his full resume is contained in the attached article). 1:30 p.m. to 2:00 p.m. (Eastern Time) - "How the Audit Committee Can Best Utilize the Internal Auditor" - Jonathan T. Marks, Crowe Chizek and Company LLC.

Recent Events

Wednesday, May 21, 2008
Audit Committee Chairpersons are cordially invited to attend
The 2008 Annual Meeting of our Association (the "AACMI")

Beginning at 8:45 A.M. The following topics will be discussed: Dealing with crisis management; FASB Interpretation No. 48, Accounting for Understanding Income Taxes (Fin48); FASB Statement No. 157, Fair Value Measurement; What to expect from auditors; and Other major issues facing audit committee chairpersons. We will then adjourn for lunch at the Four Seasons Hotel where Mark Olson, Chairman of the PCAOB, will be our luncheon speaker. The following link is the text of PCAOB Chairman Mark Olson's speech at the May 21, 2008 annual AACMI meeting luncheon (which appears on the PCAOB Website): http://www.pcaobus.org/News_and_Events/Events/2008/Speech/05-21_Olson.aspx

12:00 Noon - 2:00 p.m. (All times are Eastern Time) The following topics will be discussed: "The Right Questions for the Audit Committee to Ask to Insure against Management Override" - Richard B. Lanza, CPA, CFE, PMP, President, Cash Recovery Partners, LLC "What Should the Audit Committee Know about Enterprise Risk Management" - Joseph Murphy, Firm Director, Deloitte & Touche LLP

February 5, 2008 - By Teleconference and In-Person Attendance at the Offices of Blank Rome LLP, Philadelphia, PA and elsewhere. (All times are Eastern Time)

12:00 P.M. to 4:30 P.M. - "Are You Prepared for the New Age of Hostile and Activist Shareholders?" The background of the teleconference co-sponsored by the AACMI is that the board of directors of public companies are under increasing pressure from hedge funds and other activist shareholders to produce short-term returns for shareholders, as opposed to considering long-term shareholder interests. The seminar will include corporate governance topics dealing with the duties of directors of public companies who are being pressured for short-term returns by hedge funds and other activist shareholders. The speakers at the seminar will include the following persons: Frederick D. Lipman, President of the AACMI Arthur B. Crozier, Co-Chairman of Innisfree M&A Incorporated, a proxy soliciting and investor relations firm Barry H. Genkin, a partner of Blank Rome, LLP and former senior counsel for the Securities and Exchange Commission Keith E. Gottfried, a partner of Blank Rome, LLP and securities law specialist Jane K. Storero, a partner of Blank Rome, LLP and securities law specialist. Additional information to follow. Register by clicking here.

Teleconference:
Tuesday, January 15, 2008
12:00 Noon - 2:00 p.m. The following topics were discussed:

12 Noon to 1:05 P.M. - "What Should The Audit Committee Do When They Suspect That There Is A Financial Reporting Problem?" Our three speakers are: Susan G. Markel, Chief Accountant of the SEC Division of Enforcement., Ernest Ten Eyck, CPA, Senior Managing Director of FTI Consulting, and Jerry D. Bernstein, Esq., a white collar defense attorney. 1:10 P.M. to 1:30 P.M. - "Protecting Information Provided to the Audit Committee in FIN48 Meetings" Our speaker is Michael Semes, Esq., a tax attorney. 1:30 P.M. to 2:00 P.M. - "New Accounting Pronouncements of Interest to Audit Committees" Our speaker is Professor Emeritus Thomas Selling who will speak about FASB157 (fair value measurements) effective for fiscal years beginning after November 15, 2007, and FASB141 (business combinations) effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period commencing on or after December 15, 2008.

The topic was "The PCAOB Speaks To The Audit Committee" Featuring Mary M. Sjoquist, Esq., Special Counsel to the PCAOB.

Exclusive Discussion - The Next Chapter of SOX 404 Compliance: New SEC Rules and Guidance, AS#5 Implementation Issues, and 2008 Planning

This Event, Sponsored by the Association of Audit Committee Members, Inc. (AACMI) will feature speakers from Blank Rome and Grant Thornton, who will be supplemented by a small group of panelists who will represent the views of accelerated filers regarding the challenges and issues they have faced in their on-going SOX compliance efforts. The speakers and panelists will discuss the significant impact the Sarbanes-Oxley Act of 2002 continues to have on the business processes and accounting procedures of public companies, including new SEC rules and Auditing Standard No. 5 (AS#5). Join your colleagues and learn about: Key actions to take now to help implement the most cost-effective solution for SOX compliance for your company; Valuable lessons other companies have learned; What you can do to enhance the efficiency and effectiveness of SOX compliance activities at your company; and Corporate governance issues for audit committees. Participants will receive up to 2 ISS or PA CPE credits for attendance. Date: Time: Location: Wednesday, September 19, 2007 10:00 a.m. - 12:00 noon Blank Rome LLP Marvin Comisky Conference Center One Logan Square - 18th & Cherry Streets Philadelphia, PA 19103-6998 Visit www.BlankRome.com for directions and parking information.

Annual Meeting
Friday, June 1, 2007
12:00 Noon
Four Seasons Hotel, 2800 Pennsylvania Avenue,
N.W., Washington, DC 20007

Our annual meeting will be held on Friday, June 1, 2007 at the Four Seasons Hotel, 2800 Pennsylvania Avenue, N.W., Washington, DC 20007. We have an exciting program (for which we expect 2 hours of ISS director education credit), including both the former and present Chairpersons of the Securities and Exchange Commission. 12:00 Noon - Luncheon followed by a speech by SEC Chair Christopher Cox. 2:00 p.m. - 2:20 p.m. - Harvey Pitt, former SEC chairman, will speak on the following topic: "Practical Suggestions for Audit Committees to Function Effectively." 2:20 p.m. - 3:00 p.m. - Audit Committee Chairman's Panel entitled "Current Issues Facing Audit Committees". The panel composition to-date includes the following: Allen R. Freedman, 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. Sanford R. Rich, Chairman of the Audit Committee of Health Benefits Direct, Inc. Presently, Mr. Rich is a principal of Gem Capital Management, Inc. and was previously with CitiGroup Securities and Merrill Lynch. Richard W. Roedel, former CEO and Chair of BDO Seidman, LLP, and is currently the Chair of the audit committee of two publicly traded Nasdaq companies, namely: Brightpoint, Inc. and Dade Behring Holdings Inc. He is also a member of the audit committee of IHS, Inc., a NYSE company. 3:00 p.m. - 3:30 p.m. - "What Audit Committees Should Know About D&O Policies" - Ann Laupheimer, Esq. 3:30 p.m. - 4:00 p.m. - "What Questions Should the Audit Committee Ask About M&A Transactions" - Professor Emeritus Thomas I. Selling. 4:00 p.m. - Cocktails All members of management of our member companies are invited to attend the full program (including the CEO, CFO, General Counsel, Internal Auditor, etc.). One person sent by each of our member companies may attend free of any registration charge. Each additional person may attend at a registration charge of $125.00 to help defray a portion of out-of-pocket expenses of the AACMI. Persons who are not associated with member companies may also attend for a registration charge of $175.00 per person; however, they are not entitled to ISS director education credit.

What Questions Should The Audit Committee Ask About Compliance With FIN 48?
Tuesday, March 13, 2007
12:00 Noon - 1:00 p.m. (E.T.)

1 hour of ISS Credit Interpretation No. 48 (also known as "FIN 48") of FAS No. 109 deals with uncertain tax positions and is effective for fiscal years beginning after December 15, 2006. FIN 48 initially requires recognition of whether "it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Our teleconference speakers are Professor Emeritus Thomas I. Selling, an accounting professor, and Joseph T. Gulant, Esq., a tax attorney. Professor Selling previously taught accounting at MIT, Dartmouth and Thunderbird. Joseph T. Gulant has been a tax specialist for more than 20 years and received his LLM in taxation from NYU.

Executive Compensation Best Practices Teleconference Seminar:
Wednesday, January 17, 2007
9:30 a.m. (E.T.)

The AACMI is co-sponsoring a repeat of the Executive Compensation Best Practices Teleconference Seminar (originally held in Philadelphia in person and by teleconference on December 7, 2006) in New York City on Wednesday, January 17, 2007. For those of you who missed this highly-praised seminar, we have attached an invitation to attend this in-person seminar for ISS credit. A CD is available for the December 7, 2006 program and if you wish a copy, please e-mail me. A CD will also be available for the January 17, 2007 program. I apologize again to our West Coast members since the New York program will start live at 9:30 a.m. (E.T.) (i.e. 6:30 a.m. P.T.)

The following AACMI teleconference seminar was held on:
Tuesday, December 19, 2006
12:00 Noon (ET) to 3:00 p.m. (ET)

3 hours of ISS credit The following speakers will be presenting: 12:00 Noon - 1:00 p.m. : "What Major Changes to Financial Statements Will Likely Occur Within the Next 5 Years?" Thomas I. Selling, Retired Associate Professor of Accounting at Thunderbird, American Graduate School of International Management 1:00 p.m. - 2:00 p.m. : "What Should the Audit Committee Know About Stock Option Accounting, Including Backdating Issues?" Jeffrey Katz, Partner at BDO Seidman LLP in Litigation and Fraud Investigation Practice (CPA and Certified Fraud Analyst) 2:00 p.m. - 3:00 p.m. : "What are the Benefits to the Corporation of Following Good Corporate Governance Practices?" Professor Charles M. Elson, Woodard Chair in Corporate Governance and Director of Weinberg Center for Corporate Governance, University of Delaware

The next AACMI teleconference seminar was held on:
Thursday, December 7, 2006
8:30 a.m. (ET) to 10:30 a.m. (ET)
Executive Compensation Best Practices

2 hours of ISS credit The seminar will include a discussion of the new SEC executive compensation disclosure rules and best practices for implementing the new rules and best practices for compensation committees. My apologies to our West Coast members for the early time. Overview of New Disclosure Rules - Jane K. Storero, Esq. CD&A - Jeffrey N. Siegel, Esq. Turning the Tables - Brad L. Shiffman, Esq. Pesky “Perks” - Jeffrey M. Taylor, Esq. Impact on Compensation Design - Bruce Greenblatt, Mercer HR Consulting Best Practices for Implementing New Rules - Jane K. Storero, Esq. Best Practices for Compensation Committee Members - Frederick D. Lipman, Esq.

November 27-28, 2006

2nd Annual Internal Auditors Forum Location: Le Meridien, New Delhi , India Key Topics: Panel Discussion - Clause 49: Unravelling the challenges faced after implementation Half-Day Workshop - Auditing in the ERP environment Practical implementations of internal controls under Clause 49 Designing and implementing an integrated risk management framework Integrating internal audit with Enterprise Risk Management (ERM) Click here for more information.

Thursday, September 21, 2006
(9:30 a.m. – 12:30 p.m. Eastern Time)

The Association plans a teleconference/seminar on Thursday, September 21, 2006 which will be available to members for three hours of director education credit from Institutional Shareholder Services ("ISS") from 9:30 a.m. to 12:30 p.m. (E.T.). Stock Option Backdating & Practices Conference Moderator: Frederick D. Lipman Panelists: Jerry Bernstein, Joseph Gulant, Barry H. Genkin, Matthew J. Siembieda, Jeffrey Myers, and Ian Comisky Focusing on issues associated with the backdating of stock option grants and other option granting practices, including so-called “front-running” and “spring-loading”. Designed to educate attorneys, accountants, directors (including audit committee and compensation committee members) and officers of public companies, internal and external auditors, and heads of H.R. 9:30am Introductions – Frederick D. Lipman Securities law – Barry Genkin Investigations – Jerry Bernstein Tax, including 409A issues of both employee and employer – Joseph Gulant Accounting – Anthony Creamer, Navigant Consulting Securities law actions involving option granting practices – Matt Siembieda 11:45am Panel discussion regarding option granting best practices and any criminal & H.R. issues, including Ian Comisky and Jeffrey Myers, respectively 12:15pm Q&A

September 12, 2006
(12:00 Noon to 2:00 p.m. Eastern Time)

The Association plans a teleconference/seminar on Tuesday, September 12, 2006 from 12:00 Noon to 2:00 p.m. (ET) for ISS credit which will consist of the following speakers: 12:00 Noon - 1:00 p.m. (E.T.) " Hidden Financial Risk" - Dr. J. Edward Ketz, MBA Faculty Director and Associate Professor of Accounting at Penn State Smeal College of Business and author of "Hidden Financial Risk: Understanding Off-Balance Sheet Accounting" (John Wiley & Sons, Inc.) will discuss the accounting scandals with particular emphasis on off-balance sheet accounting and the role of the audit committee. Dr. Ketz is frequently quoted in the New York Times, The Wall Street Journal and The Washington Post and writes a column "Accounting Annotations" published in Accounting Today and his column "Accounting Cycle: Wash, Rinse & Spin" appears regularly at www.smartpros.com/x28479.xml. 1:00 p.m. - 2:00 p.m. (E.T.) - "A Practical Approach to Enterprise Risk Management" - Rick Julien, Executive - Corporate Governance, Internal Audit & Risk Management Services Group of Crowe Chizek and Company LLC, with commentary by Dr. Jose L. Ferrer-Canals, Chair of Nominating and Governance Committee and member of Audit Committee of First Bank PR (NYSE FBP)

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September 13-14, 2006

IT Audit and Governance Forum 2006 Realising the need for maintenance of internal controls in an IT environment perspective Sunway Lagoon Resort Petaling Jaya, Malaysia Click here for more information

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June 12, 2006

Annual Meeting of the AACMI Four Seasons Hotel 18th Street and Benjamin Franklin Parkway Philadelphia, PA 19103 Our featured speaker will be Congressman Michael G. Oxley.

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March 14, 2006 Teleconference
(1:00 P.M. Eastern Time)

Topic: "Best Practices - Internal Auditing" Speakers: Frederick D. Lipman President of Association of Audit Committee Members, Inc. Ronald Dietz Audit Committee Chairperson of Capital One Financial Corporation - NYSE Leo Pound Audit Committee Chairperson of NCO Group, Inc. - Nasdaq Marnie Gordon Audit Committee Chairperson of Thermadyne Holdings Corporation - Nasdaq Bulletin Board

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