Journal Entries

This recurring website feature highlights articles from The GASB Report, the GASB’s monthly newsletter. The current article appeared in the April 2013 issue.

David A. Vaudt Named as Incoming Chairman of the GASB

The Financial Accounting Foundation (FAF) recently announced that Iowa Auditor of State David A. Vaudt has been named the next chairman of the GASB, effective July 1, 2013. The Board of Trustees of the FAF, which oversees the GASB and its sister organization, the Financial Accounting Standards Board (FASB), made the appointment.

Mr. Vaudt will succeed current GASB Chairman Robert H. Attmore, who is retiring on June 30. In a change from past practice, Mr. Vaudt was appointed to a single, seven-year term. Previously, GASB chairmen have been appointed to an initial five-year term with the possibility of serving a second five-year term.

“We’re very pleased to welcome David Vaudt as the new chairman of the GASB,” said Jeffrey J. Diermeier, chairman of the FAF Board of Trustees. “David’s extensive experience with and knowledge of the challenging accounting and financial issues facing state and local governments will enable him to continue the strong tradition of leadership and transparency established by our outgoing chairman, Bob Attmore, during his nine distinguished years as head of the GASB.”

Regarding Mr. Vaudt’s appointment, GASB Chairman Attmore said, “David is exceedingly well qualified to assume the role of chairman of the GASB. With David’s appointment, the Board is well positioned to continue the advancement of accounting and financial reporting for state and local governments,” the chairman added.
Mr. Vaudt has served as Iowa’s constitutionally elected auditor of state since January 2003. In that role, he has been responsible for auditing the state’s Comprehensive Annual Financial Report and Single Audit Report. Mr. Vaudt also has supervised the annual audits of more than 200 Iowa cities, counties, school districts, and other government organizations and agencies.

Previously, Mr. Vaudt worked for 25 years in KPMG’s Des Moines office, including 13 years as a partner. He specialized in the office’s government services practice and also served as the office’s human resources and recruiting partner. In the latter roles, he was responsible for conducting the annual reviews and evaluations of managers and staff and for leading the on-campus recruiting effort for audit professional staff. He also served as an instructor for KPMG national governmental accounting and auditing continuing education courses.

Mr. Vaudt served as president of the National State Auditors Association from 2011 to 2012, chair of the National Association of State Boards of Accountancy from 2003 to 2004, and chair of the Iowa Accountancy Examining Board from 1995 to 2002. He also has served on the boards and audit committees of civic and government organizations, including the Better Business Bureau of Iowa, the Iowa Homeless Youth Centers, the Des Moines public school system, the Young Women’s Resource Center, and the Walnut Creek Family Young Men’s Christian Association.

“All of us at the FAF look forward to working with David as we continue to pursue our objective of more closely aligning the goals and operations of the FAF, the FASB, and the GASB in the months and years ahead,” said FAF President and CEO Teresa S. Polley.

“These are challenging times for state and local governments,” Mr. Vaudt said. “I look forward to quickly engaging with the other GASB members and the wide range of GASB stakeholders, especially the Governmental Accounting Standards Advisory Council, to get a sense of the issues that they believe are the most pressing as we move ahead. I’m also looking forward to working during my transition with Bob Attmore, who has done an exceptional job of leading GASB in the past nine years.”