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The Ontario Securities Commission (OSC) has renewed its cooperation agreement with audit regulator the Canadian Public Accountability Board (CPAB).

On Feb. 19, the OSC and the CPAB renewed their memorandum of understanding (MOU), which provides a framework for cooperation and information-sharing between the regulators.

The agreement is designed to facilitate collaboration on review and oversight cases.

“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 agreement said.

The MOU is subject to approval by the Minister of Finance.