Canada’s audit industry regulator is getting a new boss.
The Canadian Public Accountability Board named veteran market watchdog Sonny Randhawa as its new chief executive officer on Monday, with his appointment effective as of March 2, 2026. He replaces current CEO Carol Paradine. CPAB did not cite a reason for her departure.
Mr. Randhawa, currently executive vice-president of regulatory operations at the Ontario Securities Commission, joins CPAB at a time when the organization that oversees accounting firms that audit publicly traded companies has sought to provide greater transparency.
Under the leadership of Ms. Paradine, who has held the top job since 2018, CPAB has embarked on a multistep process of publicly disclosing more of its work. Most recently, CPAB said it would start naming the audit firms with lapses in standards or quality.
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In its 2023 report, CPAB said two of Canada’s four major audit providers fell below industry standards, though it stopped short of naming them. The four largest firms are Ernst & Young LLP, Deloitte LLP, KPMG LLP and PricewaterhouseCoopers LLP.
Mr. Randhawa has spent most of the past two decades in various roles at the OSC. According to his LinkedIn profile, he also spent a 14-month period between April, 2008, and May, 2009, as a senior manager at BDO Canada, another large accounting firm. He holds a CPA designation in both Canada and Illinois.
Audit providers have faced increasing scrutiny in recent years, with some even being accused of liability in cases where they fail to catch wrongdoing.
Earlier this year, the receiver for failed lender Bridging Finance filed a $1.4-billion lawsuit against EY for not noticing any signs of fraud, despite serving as Bridging’s auditor for several years. The receiver also had previously sued KPMG, as that firm had also done auditing work for Bridging.
In a statement on Monday, OSC CEO Grant Vingoe said Mr. Randhawa “has been a champion of regulatory integrity and public trust.”
“His leadership at the OSC has shaped a more transparent and resilient capital markets landscape.”