Credit Suisse flags 'material weaknesses' in financial reporting controls

ZURICH: Credit Suisse acknowledged on Tuesday "material weaknesses" in its internal controls over financial reporting as the bank released its annual report, which was delayed following queries from US regulators regarding its books.

"As of Dec 31, 2022, the Group’s internal control over financial reporting was not effective, and for the same reasons, management has reassessed and has reached the same conclusion regarding Dec 31, 2021," the scandal-hit Swiss bank said in the filing published on Tuesday. Swiss regulator FINMA said it is clear that the bank must have appropriate control processes in place.

The bank said on Tuesday it is working on a"remediation plan" and will implement"robust controls to ensure that all non-cash items are classified appropriately within the consolidated statement of cash flows".

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