Accounting Standards Oversight Council Announces
New Public Sector Accounting Board Chair

Media Release / Communiqué

TORONTO, ON May 1, 2012 – The Accounting Standards Oversight Council (AcSOC) is pleased to announce the appointment of Rod Monette, FCA, as Chair of the Public Sector Accounting Board (PSAB), effective May 1, 2012.

“Mr. Monette’s impressive leadership experience in the federal government has been an asset to PSAB since he became a member in 2008,” said Kevin Nye, AcSOC Chair and Senior Vice President, Enterprise Risk, Group Risk Management, Royal Bank of Canada. “His guidance as PSAB Chair will no doubt have a significant impact on the Board as it continues its mission to establish accounting standards for the public sector.”

After earning his CA designation with the firm Clarkson Gordon, Mr. Monette spent 28 years with the federal government. For 17 of those years, Mr. Monette served as an Assistant Deputy Minister and Deputy Minister. He has held the positions of Comptroller General of Canada, Associate Deputy Minister of National Defence, and Chief Financial Officer for the Departments of National Defence, Public Works and Government Services Canada and Environment Canada. Mr. Monette currently serves on two federal departmental audit committees, as Chair for Statistics Canada, and a member for Human Resources and Skills Development Canada.

In 2012, he was awarded the CMA-CIPFA Lifetime Achievement Award for his outstanding contribution to comptrollership throughout his career. Mr. Monette has been a member of PSAB since 2008. 

The Public Sector Accounting Board (PSAB) was created to serve the public interest by establishing accounting standards and providing guidance for financial and other performance information reported by the public sector.

The Accounting Standards Oversight Council (AcSOC) is an independent, volunteer body established by the Canadian Institute of Chartered Accountants in 2000. It serves the public interest by overseeing and providing input on the activities of the Accounting Standards Board (AcSB) and the Public Sector Accounting Board (PSAB). AcSOC's responsibilities include appointing AcSOC, AcSB and PSAB members. Reporting to the public and made up of representatives that include regulators, investors and other users, preparers and auditors of financial reports, AcSOC brings a broad perspective to complex issues facing standard setters in both the private and public sector.

For further information: Contact Daniella Girgenti, Communications Manager, Standards, (416) 204-3482, daniella.girgenti@cica.ca. www.frascanada.ca