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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

Michael Vick: 220,000 Americans urge NFL to remove ex-quarterback as Pro Bowl Captain

first_img Michael Vick played 13 seasons in the National Football League (NFL) primarily with the Atlanta Falcons and Philadelphia Eagles. Vick’s NFL career came to a brief halt in 2007 when he pleaded guilty for his involvement in a dogfighting ring and spent 21 months in federal prison. Post the incident, he got into the bad books of NFL fans. The Falcons released Vick from their roster shortly before he left prison. Vick signed up with the Philadelphia Eagles between 2009 and 2013. Followed by which, he went on to represent New York Jets and Pittsburgh Steelers before retiring in 2015.Also Read | In a heartwarming gesture, Jacksonville Jaguars WR Dede Westbrook surprises fan at schoolNFL release list of honorary Pro Bowl captains which includes Michael Vick First Published: 7th December, 2019 17:33 IST Written By COMMENT LIVE TV Daniel Arambur WATCH US LIVEcenter_img SUBSCRIBE TO US Last Updated: 7th December, 2019 17:33 IST Michael Vick: 220,000 Americans Urge NFL To Remove Ex-quarterback As Pro Bowl Captain Almost 220,000 NFL fans in the United States have signed a petition to remove former Atlanta Falcons player Michael Vick as an honorary Pro Bowl captain FOLLOW US Also Read | Seattle Seahawks players show off uber-cool dance moves celebrating win vs Vikings Also Read | NFL, college football watched by every child, adult for 2+ hours on Thanksgiving weekend220,000 sign online petition to remove Michael Vick as honorary Pro Bowl captainAs per the recent NFL post on Twitter, the legendary quarterback is set to be a Pro Bowl legends captain in the annual game next month at the Camping World Stadium in Florida. However, a host of Americans have drawn up an online petition on change.org to remove Michael Vick as an honorary Pro Bowl captain due to his maligned past where he was found guilty of running a dogfighting ring. Earlier, police investigators found that dogs in Michael Vick’s care were tortured, electrocuted, drowned, hanged, shot and beaten to death, among other punishable offences.Also Read | Dallas Cowboys vs Chicago Bears live streaming details, schedule, team news, previewAlso Read | Tim Ryan suspended by San Francisco 49ers for ignorant racist comment, publiclyThe petition to drop Michael Vicklast_img read more