HomeIndustriesUBS Decides to Retain EY as Auditor Following Credit Suisse

UBS Decides to Retain EY as Auditor Following Credit Suisse

UBS Group has decided to retain accounting firm EY as its external auditor, the Financial Times reported on Sunday. EY has been tasked with auditing Credit Suisse’s accounts from 2024 which will require the firm to call in staff from other countries to assist with the account.

While EY continues to audit the UBS takeover of Credit Suisse, rival Big Four firm PricewaterhouseCoopers (PwC) will be charged with auditing Credit Suisse’s bank accounts for 2023.

Swiss banking giant UBS came to the decision in March to acquire its local rival in a government-backed purchase worth 3 billion Swiss francs ($3.48 billion). Credit Suisse crashed after a slew of panicked account holders decided to withdraw their savings from their accounts given the bank’s precarious financial situation.

PWC was tasked with compiling Credit Suisse’s 2022 annual report, during which the auditor expressed doubt regarding the effectiveness of the bank’s internal controls over its reporting. Still, PWC maintained that Credit Suisse’s reporting appeared fairly presented for the period of 2020 until 2022.

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