Credit Suisse flags 'material weakness' in financial reporting controls

By Scott Kanowsky

Investing.com -- Credit Suisse Group AG (NYSE: CS) 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.

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