CPAB Taps OSC Veteran Sonny Randhawa to Lead Audit Oversight

Toronto, November 3, 2025 – The Canadian Public Accountability Board (CPAB), the nation’s independent public company audit regulator, has appointed Sonny Randhawa as its new Chief Executive Officer, effective March 2, 2026. The move signals a potential evolution in CPAB’s approach to audit oversight, bringing a seasoned regulator from the Ontario Securities Commission (OSC) to the helm.

Randhawa succeeds Carol Paradine, who served eight years leading the organization. While Paradine is moving on to a role as a senior advisor with a global consulting firm, industry observers suggest her departure comes at a pivotal time for the audit profession – one increasingly defined by complex regulations, evolving technologies, and heightened scrutiny.

“This is a critical juncture for audit quality in Canada,” says one industry analyst, speaking on background. “We’re seeing increasing complexity in financial reporting, especially around areas like ESG and digital assets. Having someone with Randhawa’s regulatory experience at the top is a strong signal that CPAB is taking these challenges seriously.”

From Securities Oversight to Audit Regulation: A Seamless Transition?

Randhawa’s 25+ years of experience at the OSC have focused on shaping regulatory frameworks, overseeing enforcement, and monitoring market risks. His appointment raises the question of whether this background translates effectively to the unique challenges of regulating the audit profession. While securities regulation and audit oversight share common goals – protecting investors and maintaining market integrity – they operate with different tools and address different stakeholders.

“There’s certainly overlap, but also distinct nuances,” explains a former CPAB staffer, speaking anonymously. “Securities regulators focus on the overall market, while CPAB dives deep into the specifics of individual audits. Randhawa will need to quickly familiarize himself with the technical intricacies of audit standards and the day-to-day realities faced by audit firms.”

However, many believe Randhawa’s deep understanding of regulatory principles and enforcement mechanisms will be a valuable asset. His track record at the OSC demonstrates a commitment to proactive oversight and a willingness to hold firms accountable for misconduct.

“He’s a pragmatic regulator who understands the importance of both prevention and enforcement,” says a source familiar with Randhawa’s work at the OSC. “He’s not afraid to challenge the status quo and push for improvements, but he also recognizes the need for collaboration and a constructive dialogue.”

A Potential Shift in Enforcement?

CPAB has historically maintained a reputation for rigorous audit inspections and a commitment to identifying deficiencies. However, some industry observers suggest that Randhawa’s appointment could lead to a more proactive and assertive enforcement stance.

“There’s a perception that CPAB has sometimes been hesitant to impose significant penalties on audit firms,” notes one accounting professor. “Randhawa’s background suggests he may be more willing to take a tougher line, particularly in cases of egregious misconduct or repeated failures.”

However, a source close to the new CEO cautions against reading too much into this. “He’s not coming in with a predetermined agenda,” they say. “He’s committed to a fair and transparent regulatory process, but he also believes in holding firms accountable for their responsibilities.”

Emerging Risks on the Radar

One area where Randhawa is expected to make a significant impact is in addressing emerging risks, such as climate-related financial disclosures and the auditing of digital assets. These areas are rapidly evolving and present unique challenges for both companies and auditors.

“The complexity of ESG reporting and the lack of standardized metrics make it difficult for auditors to provide assurance,” explains an analyst specializing in sustainability reporting. “Randhawa’s experience in navigating complex regulatory frameworks will be invaluable in developing appropriate auditing standards and guidance.”

Similarly, the auditing of digital assets presents a whole new set of challenges, including concerns about valuation, custody, and cybersecurity. “These assets are often highly volatile and subject to manipulation,” says a forensic accountant specializing in cryptocurrency investigations. “Auditors need to have the expertise and tools to properly assess these risks.”

The Human Factor: Impact on Audit Firms

The appointment of a new CEO always has an impact on the morale and culture of the regulated industry. While the extent of this impact remains to be seen, some auditors are already bracing for a potential increase in scrutiny.

“There’s a sense of uncertainty,” admits one audit partner at a Big Four firm. “We’re all wondering what Randhawa’s priorities will be and how he will approach enforcement. A more assertive regulator could put additional pressure on firms and increase the risk of penalties.”

However, others view the change as a positive development. “A strong and effective regulator is ultimately good for the profession,” says one audit manager. “It helps to raise standards and build trust in the financial markets.”

As Randhawa prepares to take the helm at CPAB, he faces a complex and evolving landscape. His success will depend on his ability to balance proactive oversight with constructive dialogue, address emerging risks, and maintain the integrity of the Canadian audit profession. His background suggests he is well-equipped for the challenge, and the industry is watching closely to see how he will shape the future of audit regulation in Canada.