Credit Suisse: 'weak points' identified in accounts
(CercleFinance.com) - Credit Suisse shares fell sharply on Tuesday after the private bank said it had identified certain "weaknesses" in its financial statements for 2021 and 2022.
In its latest annual report, published this morning, the group acknowledges that its internal audit over financial reporting was not effective for the past two years.
These issues relate specifically to the assessment of risks in the financial statements, Credit Suisse said, as well as its ability to identify potential "material misstatements" in its results.
PricewaterhouseCoopers, the bank's auditor, said it had issued an "adverse opinion" on the quality of internal control over its client's financial reporting.
Meanwhile, Credit Suisse says that its consolidated accounts for the years 2021 and 2022 "adequately" represent its financial situation.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
In its latest annual report, published this morning, the group acknowledges that its internal audit over financial reporting was not effective for the past two years.
These issues relate specifically to the assessment of risks in the financial statements, Credit Suisse said, as well as its ability to identify potential "material misstatements" in its results.
PricewaterhouseCoopers, the bank's auditor, said it had issued an "adverse opinion" on the quality of internal control over its client's financial reporting.
Meanwhile, Credit Suisse says that its consolidated accounts for the years 2021 and 2022 "adequately" represent its financial situation.
Copyright (c) 2023 CercleFinance.com. All rights reserved.