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Result Of UBS-Credit Suisse Merger: EY Wins Major Audit Contract

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Result Of UBS-Credit Suisse Merger: EY Wins Major Audit Contract

(CTN News) – In accordance with reports, EY will continue to be UBS’ auditor following Credit Suisse’s acquisition of the firm. According to the reports, this is one of the largest contract awards for any Big Four firm in the banking sector.

The audit is so large that it will involve personnel from multiple countries, according to a report in the Financial Times.

As UBS’ auditor for the last 25 years, EY will be taking on responsibility for the enlarged bank starting next year, according to the newspaper, after PwC reviews Credit Suisse’s 2023 accounts as part of its review of existing clients.

In order to obtain comments from UBS and EY, we have contacted them.

There was a shotgun marriage orchestrated in the early part of this year by Swiss regulators that brought together a number of Swiss lenders.

Even though the mega-merger was completed on 12 June, the company is still dealing with integration issues, including staffing issues, as part of their integration process, even though the mega-merger was completed on 12 June.

What’s the fee for auditing UBS and Credit Suisse?

As reported in the annual reports, EY, which has recently tried to split the firm into two separate businesses to avoid conflicts of interest that can prevent it from taking on lucrative consulting assignments for audit clients, ended up billing $70 million for auditing UBS last year, according to annual reports.

It was estimated that PwC’s audit of Credit Suisse was worth $90 million.

Among EY’s other banking audit clients are BNP Paribas and Deutsche Bank, but the firm has also done consulting work for Credit Suisse around anti-money laundering controls in its Asia operations, for example.

As PwC has audited Credit Suisse since 2020, a turbulent period for the bank, the audit was thrust into the spotlight this year when the bank’s delayed annual report revealed “material weaknesses” in the financial reporting controls that had been in place.

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