Ms. O'Malley twice served as the Chair of the Canadian Accounting Standards Board (AcSB) from July 2009 to October 2010 and from 1999 to 2001. She was also a member of the AcSB's Emerging Issues Committee from its inception in 1988 until 1997 followed by a term as AcSB's Vice Chair where she represented Canada on international groups that developed accounting standards. She continues to act as a senior advisor to the AcSB.
In 2001 Ms. O'Malley became a founding member of the International Accounting Standards Board (IASB) in London, UK and later served as the Director of Implementation Activities. She also worked as a partner in the National Assurance and Professional Practice Group of KPMG Canada, with particular emphasis on financial instruments and structured finance transactions.
While at KPMG she was Chair of the Ontario Securities Commission's Financial Disclosure Advisory Board and a member of the Independent Advisory Committee on Accounting and Auditing Matters of the Auditor General of Canada.
Ms. O'Malley who started her career as an accountant after having graduated from the University of Manitoba is also a Past President of the Canadian Academic Accounting Association.
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