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The OSC has alleged the Ernst & Young audit of China’s Zungui Haixi was not in accordance with generally accepted auditing standards.
The OSC has alleged the Ernst & Young audit of China’s Zungui Haixi was not in accordance with generally accepted auditing standards.
(Peter Power/The Globe and Mail)

OSC’s growing deficit supports case for fee increases

The Ontario Securities Commission saw its deficit grow last year as its expenses climbed due to rising salary and benefits costs.

Final financial statements published Thursday for the year ended March 31 show the regulator’s loss for fiscal 2013 climbed to $7.6-million from $4.4-million in the prior year. The OSC’s revenues grew 2 per cent to $87.3-million in 2013, but expenses climbed 5.5 per cent in the same period to $94.9-million.