Credit Suisse finds ‘material weaknesses’ in financial reporting controls

Credit score Suisse stated it had recognized “materials weaknesses” in its inside controls over monetary reporting, because the financial institution revealed its delayed annual report.

The Swiss financial institution had been compelled to push again the publication of the report final week after receiving a last-minute name from the US Securities and Alternate Fee regarding money movement statements going again three years, which it described as a “technical concern”.

Publishing the delayed report on Tuesday, Credit score Suisse stated that “administration didn’t design and preserve an efficient danger evaluation course of to determine and analyse the danger of fabric misstatements in its monetary statements.”

The financial institution stated its full 12 months 2022 outcomes — when it reported its largest annual loss for the reason that monetary disaster — had been unaffected.

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