UBS to serve EY as auditor after Credit Suisse takeover, Financial Instances reports

UBS to serve EY as auditor after Credit Suisse takeover, Financial Instances reports

© Reuters. FILE PHOTO: The logo of Swiss financial institution UBS is viewed at the firm’s place of dwelling of enterprise at the Bahnhofstrasse in Zurich on this July 1, 2009 file photo. REUTERS/Arnd Wiegmann/File Photo

(Reuters) – UBS Neighborhood has made up our minds to serve EY as its exterior auditor, enlarging its characteristic to encompass Credit Suisse’s accounts from 2024, the Financial Instances reported on Sunday, citing folks with recordsdata of the decision.

The scale of the contract would require the Extensive Four accounting agency to call in workers from diversified worldwide locations to work on the audit, two folks told the FT.

PricewaterhouseCoopers (PwC), which has been Credit Suisse’s auditor since 2020, will audit the received financial institution’s accounts for 2023, according to the newspaper.

UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.forty eight billion) in March after afraid clients withdrew money from their accounts at the stricken lender.

PwC in Credit Suisse’s 2022 annual tale had included an “unfavorable opinion” on the effectiveness of the financial institution’s internal controls over its reporting but mentioned its statements “present rather, in all cloth respects” the financial place of dwelling of the financial institution from 2020 by 2022.

UBS and EY did now not straight answer to requests for touch upon the FT tale whereas PwC mentioned it would no longer be making any touch upon the tale.

($1=0.8617 Swiss francs)

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