🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Credit Suisse flags 'material weakness' in financial reporting controls

Published 03/14/2023, 04:24 PM
© Reuters.
CSGN
-

By Scott Kanowsky 

Investing.com -- Credit Suisse Group AG (SIX:CSGN) said that it had identified a "material weakness" in the internal controls over its financial reporting process, as the embattled lender unveiled its delayed annual report.

In a statement on Tuesday, the bank said it is working to develop a plan to address these issues, including the strengthening of its risk and control framework.

"The Board of Directors of Credit Suisse [...] is closely monitoring the implementation and effectiveness of the remediation," it added.

The announcement comes after the company pushed back the release of the annual report after it received a "late call" last week from regulators at the U.S. Securities and Exchange Commission. The report was initially due to be published last Thursday.

The Swiss lender said the SEC had raised questions over the technical assessment of previously disclosed revisions to its consolidated cash flow statements in 2020 and 2019, as well as related controls.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.