The Financial Accounting Foundation is looking for an academic expert on public accounting to fill an upcoming vacancy on the Governmental Accounting Standards Board.
Filling that spot on the seven-member GASB board with an academic will once again restore the traditional mixture of professional backgrounds among those who serve.
GASB has not had an academic on its board since June of last year when Professor Michael H. Granof of the University of Texas ended his second term.
Granof was replaced as of July 1 by Colorado State Auditor Dianne Ray who, in turn, filled what would otherwise would have been a representation vacancy for state auditors and comptrollers.
That’s because the GASB chairman’s position was filled the same day by Joel Black, who has a background in public accounting and is the first chairman who hasn’t worked as a state auditor or comptroller.
Black’s selection caused concern among public finance groups whose members voluntarily follow GASB rules. Three public sector accounting associations said at the time they were “duly concerned” about the “unilateral change to the long-standing composition of the GASB.”
GASB and FAF are both private organizations that do not have governmental authority to mandate compliance by states and local governments.
The appointment of the Colorado state auditor served as a workaround by the FAF, but left the GASB without an academic representative over the last year.
That is expected to change after June 30 when James E. Brown will be term-limited off the board at the end of his second five year term.
FAF said Wednesday it is seeking “a highly qualified individual with a strong background and substantial experience as a tenured professor of accounting” to fill the vacancy starting July 1.
All GASB positions except for the chairman are part time. Former Chairman David Vaudt received $666,246 in compensation in 2019, according to FAF’s IRS Form 990.
Interested candidates are required to hold a PhD or a doctorate in business administration as well as substantial recent employment experience as a tenured professor of accounting with experience and a background in governmental accounting.
FAF said, “It is desirable, but not mandatory, for candidates to hold a Certified Public Accountant designation or have other professional certifications or advanced degrees in business administration, public administration, or another related field.”
It would be advantageous but not mandatory for a candidate to be an active participant in related professional associations.
“Beyond this specific professional background, interested candidates must demonstrate a track record of professional conduct that is conducive to the standard-setting process,” FAF said. “Important traits include a high level of intellect that is applied with integrity and discipline; the ability to work in a collegial, consensus-driven atmosphere; excellent communication skills; and a commitment to the GASB’s mission.”
By filling the seat with an academic, the GASB board will once again have its full mixture that includes state and local government financial statement auditors and preparers, a governmental financial statement user and a public accounting auditor.
Brown and Black are both public accounting representatives, giving that group an overrepresentation.
