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State Board Report

May 2013

NASBA Past Chair David A. Vaudt (IA) has been named to serve as the next chairman of the Governmental Accounting Standards Board (GASB) effective July 1, 2013. Called Iowa’s “Taxpayer Watchdog” by Iowa Governor Terry Branstad, Mr. Vaudt has resigned his position as Iowa’s state auditor, a post he held since January 2003. In taking on his new position, Mr. Vaudt has also resigned as vice chair of the CPA Examination Review Board, and Ronald E. Nielsen (IA) has been appointed by the NASBA Board to step into that role.

Governor Branstad said: “David Vaudt has been a dedicated public servant for the taxpayers of Iowa, and we will miss his incredible work as steward of our tax dollars. David embodied the principles of good budgeting, including not spending more than we take in, and avoiding the use of one-time money for ongoing expenses.” As state auditor, Mr. Vaudt supervised the annual audit of more than 200 Iowa cities, counties, school districts and other governmental bodies.

While NASBA Chair, 2003-2004, Mr. Vaudt oversaw the launch of the computer-based Uniform CPA Examination, met with the Public Company Accounting Oversight Board, and shepherded the planning of the Accountancy Licensee Database. Having served as chair of the Iowa Accountancy Examining Board (1995-2002), Mr. Vaudt also served NASBA over the years as chair of the Public Perception Committee, Examination Committee, Regulatory Structures and Issues Committee, Nominating Committee and Past Chair Advisory Council. He is a former partner of KPMG, having worked in their Des Moines office, and is a past president of the National State Auditors Association.

The GASB is the independent standard setter for state and local governments. It includes seven members. Mr. Vaudt stated: “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.”

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