Blogs

Swiss pension supervisor ‘overstepped authority’ with audit proposal

first_imgIn 2015 OAK carried out a comprehensive survey of the quality of external audit reports and found a high error rate. It subsequently issued a draft directive laying down requirements for auditors, which the cabinet noted was strongly criticised by associations and authorities.The government was subsequently commissioned to check whether OAK’s directive was in line with its legal authority and to potentially consider adjustments. Today’s report is the outcome of that review process.It reaching its conclusions the government also had the input of an opinion from an independent expert, Thomas Gächter of the University of Zurich, although it effectively disagreed with his view that OAK should be denied any authority to give instructions to auditors.If the supervisor were only permitted to issue recommendations, it would ultimately not be able to fulfil its task of making sure that the occupational pension system as a whole was functioning reliably, according to the government.However, the statutory authority to issue directives only applied to those that were needed for quality assurance, it noted in its report. It did not extend to issuing stipulations relating to the admission of auditors, which was the responsibility of the federal audit supervisor.The audit authority has previously warned about weaknesses in the auditing of the country’s pension funds. The Swiss federal pensions regulator “exceeded its legal authority” when it proposed requirements that related to the admission of external auditors of occupational pension funds, according to the country’s government.Although the Oberaufsichtskommission (OAK BV) was allowed to issue certain technical instructions to pension fund auditors as part of its statutory mandate, the introduction of a special permit for examining pension funds was a matter for lawmakers, the federal council said in a report published today.However, it was in agreement with the OAK that there were issues that need to be addressed with regard to the auditing of occupational pension funds, as previously outlined by the regulator.The cabinet had therefore instructed the federal department for internal affairs to weigh possible legislative steps, including whether the federal audit supervisory authority should be assigned sole responsibility for admitting and supervising auditors of occupational pension funds.last_img read more

Local GAA fixtures

first_imgThis afternoon the Garda College play host to Mary Immaculate of Limerick in the Higher Education Senior Football League. Throw-in is at 2 o’clock.In Munster Post Primary action Clonmel High School take on West Limerick in Round 1 of the Corn Ui Mhuiri Football. That game is on in Claughan.In 18.5 D Football St Ailbes of Tipp Town travel to Cratloe to face Kilrush Community College while Colaiste Mhuire of Thurles and Colaiste Chraoibhin of Fermoy meet in Dunesk. Finally in 16.5 C Hurling Scoil Ruain of Killenaule will take on St Augustines of Dungarvan in Ballymacarbery.All of those games start at 1.30.last_img read more

Bermuda Score Second Win Against US to Advance to ICC Twenty20…

first_imgHAMILTON, Bermuda, CMC – Deunte Darrell held his nerve to hit an unbeaten 30 from 23 balls as Bermuda completed a famous double over the United States on Thursday to book their ticket to the final ICC Twenty20 World Cup Qualifier in the United Arab Emirates in October and November.Playing at White Hill Field, Bermuda followed up Sunday’s six-run win over the US by winning by four wickets with seven balls to spare, to advance to the final qualifier ahead of next year’s T20 World Cup in Australia with two games to spare.Canada, meanwhile, handed the Cayman Islands their fourth successive defeat in the quadrangular tournament, coasting to an eight-wicket victory in Thursday’s second-round opener to also book their place in the UAE.After winning the toss and sending their opponents in, Bermuda held the US to 141 for nine with Hayden Walsh top-scoring with 26 as medium-pacer Onias Bascome snapped up three for 32 from four overs.In reply, Bermuda were given a flying start by Okera Bascome, who smashed four sixes and two fours in his 16-ball 35 before he fell in the sixth over to slow left-arm bowler Karima Gore, leaving the hosts 44 for one.Gore then removed the other opener, captain Terryn Fray, who has had a poor tournament with the bat, for eight and Bermuda suffered a major setback when Sussex all-rounder Delray Rawlins, who earlier took two wickets, was third out for 12 at 69 in the 10th over.But Malachi Jones, having been promoted to number three, kept the scoreboard rattling along with 27 off 19 balls.When Allan Douglas was sixth out at the end of the 17th over, Bermuda still required 25 for victory and the target was further reduced by 10 runs in the 18th over.Man-of-the-Match Darrell then struck a six and a two and another maximum, after Onias Bascome had given him back the strike with a single off the first ball of Walsh’s over, to see the local side over the line.New York-born Gore, 21, who has also played for Antigua and Barbuda, was the pick of the US attack with three for five off four overs, accounting for the openers as well as Douglas, while leg-break bowler Timil Patel (2-19) removed Jones and Rawlins.In the first game, slow left-arm bowler Saad Bin Zafar shackled the Cayman batsmen on his way to figures of three for eight from four overs as the Caribbean side struggled to 91 for seven, with Greg Strydom top-scoring with 23.Cayman then rocked Canada, removing openers Rodrigo Thomas and Rizwan Cheema for ducks without a run on the board as Alessandro Morris and Kervin Ebanks claimed a wicket apiece in the first two overs.But that was the last success for Cayman as captain Navneet Dhaliwal struck five sixes and three fours in his unbeaten 53, while Nitish Kumar finished not out on 37 off 35 balls with a couple of fours and sixes, as Canada swept to victory with more than seven overs to spare.last_img read more