major defects
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Credit Suisse found “major defects” in the financial reporting process
It is reported that Credit Suisse Group said that it found “major defects” in its reporting procedures in the 2022 and 2021 fiscal years and is taking remedial measures. “The Group’s internal control over financial reporting has not worked” in the past two years, Credit Suisse said in its annual report released on Tuesday. “The management also decided that our disclosure controls and procedures were invalid.” After the last minute inquiry from the US regulatory authorities, the bank was forced to postpone the release of its annual report last week….
