UBS Auditor Issues Adverse Opinion Over Credit Suisse Controls

UBS Group AG’s auditor Ernst & Young expressed an “adverse opinion” on internal controls over financial reporting related to legacy Credit Suisse matters.

The bank’s annual report published on Monday revealed that Ernst & Young was of the opinion UBS had “not maintained effective internal control over financial reporting as of 31 December 2024.”

Read More: Credit Suisse Finds ‘Material Weakness’ in Reporting Since 2021

The issue relates to “material weaknesses” originally discovered at Credit Suisse when it was still a standalone bank.

Since the acquisition UBS said it has taken action to address the issue and has implemented ...