[May 22, 2019]

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190522005028/en/

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 ecovery," 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190522005028/en/

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