We've seen this movie before…
UBS 2025-
"…Ernst & Young, re-elected as UBS's auditor last year, said in its assessment on Monday that because of the effects of this weakness, it had concluded that UBS had "not maintained effective internal control over financial reporting"… pic.twitter.com/TM0R1VAtzX— kristen shaughnessy (@kshaughnessy2) March 18, 2025
UBS’s auditor warns over bank’s financial reporting controls
LONDON (Reuters) -UBS’s auditors have expressed an “adverse opinion” on the bank’s internal controls over its financial reporting for 2024 after it failed to resolve issues related to misstatements inherited from Credit Suisse, the Swiss lender said on Monday.
An adverse opinion – a rare rebuke for a global bank – is generally understood to be a warning to investors that indicates that a company’s financial statements could be misrepresented, misstated, and do not accurately reflect its financial performance and health.
UBS has been working to resolve issues in Credit Suisse’s internal controls and said last year it was still reviewing potential misstatements after acquiring the lender in a government-orchestrated rescue in 2023.
In its annual report published on Monday, UBS said that following the merger of the two banks last year, it could no longer exclude Credit Suisse from its assessment and that it needed more time to resolve the problem.