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UBS's auditor issues warning over bank's financial reporting controls for 2024

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
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 article from MSN discusses a warning issued by EY, the auditor for UBS, regarding the bank's financial reporting controls for the year 2024. EY highlighted that UBS's internal controls over financial reporting might not be effective due to the complexities involved in integrating Credit Suisse, which UBS acquired. This integration process has introduced significant risks and challenges in maintaining accurate financial reporting. The auditor's concerns stem from the potential for material weaknesses in UBS's control environment as it navigates through this major merger, emphasizing the need for robust systems and processes to ensure the integrity of financial statements during this transition period.

Read the Full Reuters Article at:
[ https://www.msn.com/en-gb/money/other/ubss-auditor-issues-warning-over-banks-financial-reporting-controls-for-2024/ar-AA1B4WJQ ]