Knight was awarded an Honorary Doctorate by Trinity College, University of Toronto in 2006, and was inducted as a Member of the Johns Hopkins University Society of Scholars in May 2007.
In addition to his duties as CEO of the BIS during 2003-08, Knight was a Trustee of the International Accounting Standards Committee Foundation (now the IFRS Foundation), which oversees the work of the London-based International Accounting Standards Board in developing accounting standards that over 100 countries are committed to adopt.