Russ Lam, CPA
Lam & Company PC
7602 University Avenue, Suite 201
Lubbock, Texas 79423-2138
Office & Fax: 806.412.4007
The diversity of Russ' experience allows him to bring a unique perspective, while his experience as an independent and objective audit professional is directly relevant to board and audit committee fiduciary responsibilities. Russ has over twenty-five (25) years experience in accounting and financial management; over twenty-one (21) years in public accounting, and four (4) years as a CFO. He is licensed to practice public accountancy in Texas and New Mexico.
Russ serves on the advisory board for the Texas Tech School of Banking, serves on the steering committee for the TSCPA's annual financial institutions seminar, and has served on the TSCPA's Professional Standards Committee, including subcommittees for Accounting Standards, Attestation Standards (Chair), and PCAOB Standards. Russ served on the Board, Finance Committee, and Annual Duck Race Committee (Corporate Sponsorship Chair) for Maverick Boys & Girls Club of Amarillo, participated in the Leadership Lubbock program and is a member of the AICPA, TSCPA, NMSCPA, ABA, ICBA of New Mexico, and Southwest Council of Agribusiness. Through LCPC and LV&C, Russ has been a multi-year supporter of Lubbock's Meals on Wheels, the South Plains Bankers Association, and the Texas Tech School of Banking.
Russ is the sole stockholder, managing partner, and Accounting & Auditing Managing Partner (“AAMP”) responsible for Lam & Company's Quality Control Program (“QCP”) and compliance with professional standards for accounting & attest services. Russ has built a professional attest practice that is uniquely organized to benefit clients and includes:
- integrated financial statement, internal control (in accordance with Federal Deposit Insurance Corporation Improvement Act (“FDICIA”) requirements), and HUD audits of a $2+ billion bank holding company with branches in Texas and New Mexico, financial statement audits for multiple other banks, directors exams, and other services to banks;
- Sarbanes-Oxley (“SOX”) compliance, management testing, and advisory services for two (2) associations in the Farm Credit System (he headed SOX implementation for these associations and performed compliance, management testing, and advisory services for another, he also assisted two large public companies with SOX implementation);
- audits of combined groups of companies, one with oil & gas pipeline construction, roustabout, earthmoving, trucking & energy field inspection services and multiple corporations and LLCs and another with nationwide franchising and distribution, a limited liability company that manages oil & gas producing affiliates and issues significant debt to support these activities, a general partnership that handles administrative matters for family affiliates, churches & a related schools and foundation (and other foundations), and employee benefit plans (including a KSOP);
- Various other services to a number of other clients, including accounting & advisory services for Southwest Council of Agribusiness (a 501(c)(6) tax exempt business league and Texas nonprofit corporation) and St. Paul's on the Plains Episcopal Church, initial audit and support of Texas Grain Producers Indemnity Board (a development stage tax exempt and indemnified state agency and governmental unit).
Russ also has extensive experience with outsourced bank regulatory compliance and loan review and the convenience and healthcare industries. Russ was CFO of a wholesale distribution company supplying the convenience industry for about 4 years, CFO of a rural healthcare system and audited the large healthcare systems in Lubbock and Amarillo. He worked in cotton compress and warehouse entities in Slaton and San Angelo for a number of years. He has also been the external auditor for the City of Lubbock and Lubbock Independent School District, among other governmental entities, and numerous private foundation and other not-for-profit entities.
A Texas Tech University Summa Cum Laude graduate with a BBA in Accounting, Russ was also the Highest Ranking Graduate in the College of Business in May 1988, and a Distinguished Accounting Senior, among other achievements. He started his accounting career with an international accounting firm, rising quickly to the manager level and developed audit experience with SEC, private, not-for-profit, and governmental clients in financial services, health care, charitable, manufacturing, employee benefits, and other industries. In this international firm's operating offices, Russ served as Quality Client Service Representative, Audit Technology Coordinator, Audit Training Coordinator, and scheduled the audit department professional assignments.
Russ was also selected for a 23-month rotation in this international firm's New York Executive Office in the Audit Research & Technology Group as a project manager. Russ completed and implemented an interactive database system for regulatory financial information on all commercial banks in the US and traveled around the U.S. training firm personnel on this tool. He also completed development of a Management Fraud Risk Assessment decision aid. He spent seven (7) years with this international firm.
After a National firm acquired the international firm's office where Russ worked, he continued as an audit manager with that firm for a year. Then he spent eight months as CFO of a not-for-profit rural hospital with six clinics, multi-location home health agency, and hospice program and almost four years as CFO of a wholesale distribution company primarily serving the retail convenience industry with approximately $90 million in sales annually, 125 employees, a 60 vehicle fleet, and a service area spanning western Texas, eastern New Mexico, and the panhandles of Oklahoma and Kansas. Private sector experience provided managerial, financial, personnel (including ESOP and self-insured medical, dental and non-subscriber occupational injury benefit plans), information system, fleet, and accounting challenges.
Approximately twelve (12) years ago, Russ returned to public accounting/auditing and started Lam Vinson & Company, LLP, with Jeff Vinson in November 2003. Effective July 1, 2013, LV&C merged its tax practice with another local firm providing tax, valuation, and financial services and formed Lam & Company PC as an independent, audit-focused firm. Russ is the President and sole stockholder in LCPC. LCPC is a member of the Lubbock Chamber of Commerce and is a Better Business Bureau Accredited Business.
Russ grew up in Plainview, Texas, and, except for two years in the international firm's New York Executive Office, has lived and practiced in West Texas his entire life. Russ has been married to Vickie for almost 36 years and has two daughters and a granddaughter.