The Ontario Securities Commission (OSC) has entered an information-sharing agreement with the Canadian Public Accountability Board (CPAB) in an effort to support both agencies’ oversight efforts.
The OSC and the CPAB, which oversees audit firms, have entered into a memorandum of understanding (MOU) to enable the exchange of information, and collaboration, on reviews and oversight matters.
“The OSC and CPAB recognize the overlap between their respective mandates and acknowledge the significance of working with each other to promote higher quality auditing and investor confidence in the financial reporting of reporting issuers in Ontario,” the MOU states.
In general, this co-operation has been achieved through informal discussions, and the MOU indicates that it intends to support this sort of communication, while also facilitating the necessary exchange of specific information, subject to the law.
To carry out their jobs, both authorities require access to highly confidential information, and they acknowledge that the confidentiality of that information must be maintained. “The OSC and CPAB have therefore entered into this MOU regarding mutual assistance and the exchange of information on a confidential basis to assist each organization in fulfilling its respective mandate,” it says.