Credit Suisse finds ‘material weaknesses’ in financial reporting controls
Swiss bank says it lacked effective processes to identify risk of misstatements
Credit Suisse said it had identified “material weaknesses” in its internal controls over financial reporting, as the bank published its delayed annual report.
The Swiss bank had been forced to push back the publication of the report last week after receiving a last-minute call from the US Securities and Exchange Commission relating to cash flow statements going back three years, which it described as a “technical issue”.
Publishing the delayed report on Tuesday, Credit Suisse said that “management did not design and maintain an effective risk assessment process to identify and analyse the risk of material misstatements in its financial statements.”
The bank said its full year 2022 results — when it reported its biggest annual loss since the financial crisis — were unaffected.