The Canadian Public Accountability Board (CPAB) announced today that its CEO, David Scott, will be retiring by the end of the year.

Scott joined CPAB in Oct. 31, 2003 under a three-year contract. He has told CPAB’s board of directors that he does not wish to be considered for another term.

“I am proud of the work of my colleagues and pleased with what we have accomplished together in a relatively short time. Canada has established an independent auditor oversight process that is second to none internationally. However, with a future health prognosis that is somewhat uncertain, I just do not think that I can make the further commitment to CPAB that would be required,” Scott said in a release.

Gordon Thiessen, Chairman of CPAB, said “We greatly regret that David will be leaving us by the end of the year. However, he leaves his successor with substantial momentum underway at CPAB towards improving the quality of audits of public companies in Canada.”

The search for Scott’s replacement will commence shortly.