Neural oscillations play a crucial role in various cognitive processes within the mammalian brain. Beyond the spectral properties typically reported in the literature, the waveform shape of oscillatory activity offers valuable insights into local physiology, and is related to the underlying cortical circuitry and to dynamically changing or aberrant cortical states. Notwithstanding the importance of oscillatory waveform shape to gain insights into cortical physiology, how the waveform shape of ongoing oscillations differs across distant yet functionally and anatomically connected cortical areas remains largely unexplored. In the current work, we leverage simultaneous laminar recordings of local field potentials (LFPs) in both the auditory and frontal cortices of awake, male Carollia perspicillata bats. Waveform shape metrics were quantified from the LFP on a cycle-by-cycle basis. We find large differences in oscillatory waveform shape in the fronto-auditory circuit, even though oscillatory bursting activity was temporally correlated and occurred in comparable frequency bands (i.e. delta and gamma). In addition, we report consistent differences in the cycle-by-cycle variability of waveform shape between frontal and auditory cortices, suggesting that oscillations in frontal areas are more regular than their sensory counterparts. A conceptual model predicts higher spike-spike and spike-LFP correlations in regions exhibiting more asymmetric waveform shapes. The empirical data corroborated such predictions: correlation were highest in frontal cortex. In all, our findings underscore distinct dynamics of oscillatory activity in frontal and auditory cortices, potentially reflecting the anatomical and functional diversity inherent in the fronto-auditory circuit.