The Inter-American Development Bank today announced the appointment of Elizabeth J. Folsom as its Auditor General. Folsom, a U.S. citizen, is due to begin her assignment on July 14, 2003.

In her new post, Folsom will report to IDB President Enrique V. Iglesias. The Office of the Auditor General provides independent appraisals on the overall adequacy, effectiveness and efficiency of the Bank's oversight system, controls and resource utilization by reviewing accounting, operational, administrative and management information systems and procedures.

Folsom was director of internal audit at CARE, Inc., one of the world’s largest humanitarian organizations. She will replace William L. Taylor, who retires after a long and distinguished career at the IDB.

Taylor was a senior member of Price Waterhouse’s audit team at the time the IDB was founded in 1959, and joined the staff of the Bank’s Finance Department in 1963. He rose to become Auditor General in 1982. Taylor served as Chairman of the Board of the Institute of Internal Auditors in 1995 – 1996 and received that organization’s highest award, the Bradford Cadmus Memorial Award in 2000, in recognition of his contributions to the profession of internal auditing.

Folsom has a strong and solid experience in auditing and control evaluation in a complex organization with worldwide operations. As the most senior audit executive at CARE’s headquarters in Atlanta, she led a multicultural and multinational staff that conducted audits of more than 120 entities around the world. Before joining CARE in 1992, she was an audit associate at Coopers & Lybrand.

A certified public accountant and a certified internal auditor, Folsom holds a master’s degree in business administration from Georgia State University. She graduated from Lehigh University with a bachelor’s degree in accounting and management.