UBS to retain EY as auditor after Credit Suisse takeover, Financial Times reports By Reuters

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UBS to retain EY as auditor after Credit Suisse takeover, Financial Times reports

Published Jul 16, 2023 01:14AM ET Updated Jul 16, 2023 09:50AM ET

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UBS to retain EY as auditor after Credit Suisse takeover, Financial Times reports

(Reuters) - UBS Group has decided to retain EY as its external auditor, enlarging its role to include Credit Suisse's accounts from 2024, the Financial Times reported on Sunday, citing people with knowledge of the decision.

The size of the contract will require the Big Four accounting firm to call in staff from other countries to work on the audit, two people told the FT.

PricewaterhouseCoopers (PwC), which has been Credit Suisse's auditor since 2020, will audit the acquired bank's accounts for 2023, according to the newspaper.

UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.48 billion) in March after panicked customers withdrew cash from their accounts at the stricken lender.

PwC in Credit Suisse's 2022 annual report had included an "adverse opinion" on the effectiveness of the bank's internal controls over its reporting but said its statements "present fairly, in all material respects" the financial position of the bank from 2020 through 2022.

UBS and EY did not immediately respond to requests for comment on the FT report while PwC said it would not be making any comment on the story.

($1 = 0.8617 Swiss francs)

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