Credit Suisse on March 14 reported finding “material weaknesses” in financial reporting procedures after U.S. authorities inquired about potential issues.
PricewaterhouseCoopers AG, which audited the Switzerland-based bank, identified a failure to “design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements,” Credit Suisse said in its annual report.
The weaknesses “could result in misstatements of account balances or disclosures that would result in a material misstatement to the annual financial statements of Credit Suisse … that potentially would not be prevented or detected,” the firm said.
Financial statements as of Dec. 31, 2022, though, were said to be reviewed and deemed to comply with Swiss law….