FAF Appoints Carolyn Smith to Governmental Accounting Standards Board

The Board of Trustees of the Financial Accounting Foundation (FAF) today
appointed Carolyn Smith to a five-year term on the Governmental
Accounting Standards Board (GASB). Ms. Smith currently serves as the
chief audit executive for Columbus (OH) City Schools. Her term begins
July 1, 2019 and extends through June 30, 2024.

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Carolyn Smith, GASB Member (Photo: Business Wire)

“The FAF Board of Trustees is pleased to welcome Carolyn to the GASB,”
said FAF Chairman Charles H. Noski. “As the audit leader of the largest
school district in Ohio, Carolyn brings a unique and informed
perspective in financial reporting, audit, risk, internal control, and
compliance to the GASB.”

“I am very pleased that Carolyn is joining the GASB,” said David A.
Vaudt, GASB chairman. “She has led large, longstanding accounting and
audit programs and created successful compliance and internal controls
departments from scratch. This diverse experience will help the Board as
we address accounting and financial reporting issues that affect the
largest of states, the smallest of municipalities—and everyone in
between.”

Ms. Smith succeeds outgoing GASB
member David Sundstrom, whose second term concludes on June 30, 2019.

“On behalf of the GASB, I want to thank David for his decade of service
on the Board,” added Vaudt. “His service on the GASB was informed by the
various auditor, controller, and trustee roles he has played in leading
one of California’s most populous counties beyond bankruptcy and into
recovery,” added Vaudt. “We wish him well and thank him for his valuable
contributions to improving accounting for state and local governments.”

In her role at Columbus City Schools, Ms. Smith leads all audits and
advises the board of education regarding matters of risk, control, and
compliance for the entire school system comprising 52,000 students,
9,300 employees, and a $1.5 billion annual budget. She facilitated the
district’s first enterprise risk management process, the district’s
third-party anonymous fraud reporting system, and the district’s
whistle-blower policy.

Prior to joining Columbus City Schools, Ms. Smith served as director of
audit and business services at the Council of Aging of Southwestern
Ohio. In this role, she established and managed the audit and contract
division that monitored vendors for compliance and fiscal
accountability. She also led the quality improvement department.

Earlier in her career, Ms. Smith served as a senior auditor with Foxx &
Company CPAs and as a lead auditor with Parms & Company CPAs. She is a
board member of the Association of Local Government Auditors, and a
member of the Institute of Internal Auditors, the Ohio Society of CPAs,
the Association of Government Accountants, and the Council of the Great
City Schools.

Ms. Smith holds a bachelor’s degree in business administration from
Franklin University and an MBA from Ohio University. She is a certified
public accountant and is certified in risk management assurance.

The FAF Board of Trustees today also reappointed GASB
Vice Chairman Jeffrey Previdi to the role of vice chairman through
June 30, 2021, when his first term as a Board member concludes.

About the Financial Accounting Foundation

Established in 1972, the Financial Accounting Foundation (FAF) is the
independent, private-sector, not-for-profit organization based in
Norwalk, Connecticut responsible for the oversight, administration,
financing, and appointment of the Financial Accounting Standards Board
(FASB) and the Governmental
Accounting Standards Board (GASB). The FASB and GASB establish and
improve financial accounting and reporting standards – known as
Generally Accepted Accounting Principles, or GAAP – for public and
private companies, not-for-profit organizations, and state and local
governments in the United States. For more information, visit www.accountingfoundation.org.

About the Governmental Accounting Standards Board

Established in 1984, the GASB is the independent, private-sector
organization based in Norwalk, Connecticut, that establishes accounting
and financial reporting standards for U.S. state and local governments
that follow Generally Accepted Accounting Principles (GAAP). These
standards are recognized as authoritative by state and local
governments, state Boards of Accountancy, and the American Institute of
CPAs (AICPA). The GASB develops and issues accounting standards through
a transparent and inclusive process intended to promote financial
reporting that provides useful information to taxpayers, public
officials, investors, and others who use financial reports. The
Financial Accounting Foundation (FAF) supports and oversees the GASB.
For more information, visit www.gasb.org.

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