Audit committees are under increasing pressure from shareholder groups and government regulatory authorities to oversee management in order to prevent corporate corruption. Audit committees of public companies have been given an array of powers and responsibilities under the Sarbanes-Oxley Act of 2002 and rules 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 powers and responsibilities, they must develop best practices in exercising them in an environment where new developments occur on almost a monthly basis.

Private companies and nonprofit organizations are also being pressured to develop good corporate governance practices, including the development of effective audit committees.

The Association of Audit Committee Members, Inc. (AACMI) was formed to assist audit committee members in meeting these challenges.  
 

Mission Statement

 

AACMI promotes the professional interests of directors who serve as members of audit committees and executive officers who report to audit committees by:

• providing educational materials and initiatives to enhance the understanding of the duties and responsibilities of audit committee members;
• recommending policies and procedures which permit audit committee members to fulfill their duties and responsibilities and to protect themselves from personal liability; and
• fostering the development of "best practices" by facilitating the exchange of information among audit committee members and through educational materials and initiatives.

 

Endorsements

Sanford Rich, Audit Committee Chairman, Aspen Group, Inc.:

I originally joined the AACMI in 2006. The organization remains as relevant today as it was then, delivering quality and timely information. The September 2022 Annual meeting was a valuable opportunity to hear from audit and regulatory experts and socialize with like-minded audit committee chairs and members.