Credit Suisse Discloses ‘Material Weaknesses’ in Annual Report
Posted on 03/14/2023
Credit Suisse said in its 2022 annual report the bank has identified “material weaknesses” in internal controls over financial reporting and not yet stemmed customer outflows. In the report, Credit Suisse says they found “the group’s internal control over financial reporting was not effective” because it failed to adequately identify potential risks to financial statements.
The board concluded that the “material weakness could result in misstatements of account balances or disclosures that would result in a material misstatement to the annual financial statements of Credit Suisse,” the annual report said.
The disclosure occurred days after the bank delayed the publication of the annual report after an eleventh-hour query from the U.S. Securities and Exchange Commission over cash flow statements for 2019 and 2020.
