William J. Raftery

2025 Hall of Fame Inductee

William J. Raftery’s career spanned the private sector, public accounting, and state government, leaving a profound and lasting impact on government financial reporting and accountability nationwide.

He served as State Controller of Missouri from 1973 to 1977, then built a successful career in public accounting, culminating as a partner at KPMG in New York City before retiring in 1988. A year later, he returned to public service as Controller for the State of Wisconsin, serving for 18 years until 2007. His contributions earned him a Certificate of Commendation from the Governor, recognizing his extraordinary service to Wisconsin and his national leadership in governmental accounting.

A dedicated leader within NASACT, Raftery served on the Executive Committee for many years, and was NASACT President in 1998. His many accolades include the NASACT President’s Award and the AICPA’s Outstanding CPA in Government Award, honoring his transformative impact on public financial management.

Raftery was a pioneer in advancing government financial reporting. He produced Wisconsin’s first Annual Comprehensive Financial Report and was instrumental in implementing GAAP-based reporting for state governments nationwide. He authored the authoritative Governmental Accounting and Financial Reporting Manual, published by Warren, Gorham & Lamont, which became a foundational resource for government finance professionals.

His leadership extended to modernizing financial systems in both Missouri and Wisconsin, strengthening internal controls and improving operational efficiency. Nationally, he played a critical role in standard-setting, advocating for the early adoption of reporting standards issued by the GASB.

A lifelong educator, Raftery taught extensively on governmental accounting in the United States, Russia, and Estonia. Earlier in life, he proudly served in the U.S. Army during the Korean War, achieving the rank of Master Sergeant. Following his military service, he earned his degree from Loyola College of Maryland, became a Certified Public Accountant, and later earned his Juris Doctor from the University of Baltimore School of Law.

William J. Raftery’s legacy is one of vision, integrity, and unwavering dedication to public service—an impact that will benefit future generations of government financial leaders.