Swiss bank Credit Suisse Group has identified “significant weaknesses” in its financial reporting procedures for fiscal years 2021 and 2022, it said in its annual report on Wednesday. It says it is in the process of implementing corrective measures.
“The group’s internal controls over financial reporting were ineffective,” the report said for both years. “As a result, management concluded that its disclosure controls and procedures were also ineffective,” the company said in a statement.
Credit Suisse delayed the release of its annual report after receiving inquiries from U.S. regulators. The bank has not made clear whether those issues have been resolved.
According to Credit Suisse, the significant shortcomings identified relate to its failure to design and maintain effective risk assessments in its financial statements.
PricewaterhouseCoopers (PwC), which “audited the financial statements for the year ended December 31, 2010 included in this annual report,” stated that “the Group’s internal We expressed objections to the effectiveness of the management.”
Original title:Credit Suisse Finds ‘Material Weakness’ in Financial Reporting、Credit Suisse Found ‘Material Weakness’ in Financial Reporting（抜粋）
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