Should an organization care that their AMC is accredited? Does it come with guarantees of satisfaction? Accreditation alone provides no guarantees, but an association board of directors can have a higher level of confidence that the accredited firm is committed by its deeds to providing association services that meet or exceed the service levels established by professional community of association management companies. For more information on the accreditation program, please visit this AMC Institute page.
As a Charter Accredited AMC, L&M has passed five independent process audits since the firm was first accredited in 2004. Our current accreditation is valid through April 2023. In late 2018 we passed our 5th process audit by an independent auditor. Re-accreditation process audits are conducted by a certified public accountant who actively conducts peer-review audits of other public accounting firms – there is strong similarity between these two process audits.
An AMC Institute accredited firm must pass a 63-point inspection (process audit) to obtain and retain accreditation. For a complete list of the 63 inspection points, contact Michael LoBue.
Areas of accreditation audit:
- Client Contracts (minimum of 5 criteria)
- Servicing the Client (minimum of 14 criteria)
- Project Completion, Reviews and Post Contractual Procedures (minimum of 2 criteria)
- Financial Management & Internal Controls (minimum of 7 criteria)
- Insurance (AMC’s coverages: 9 criteria)
- Employment Recruitment & Selection (minimum of 3 criteria)
- Employee Training (minimum of 5 criteria)
- Subcontracting (minimum of 5 criteria)
- Record Keeping (minimum of 3 criteria)
- Internal & External Review (minimum of 2 criteria)