Credit Suisse and the U.S. Securities and Exchange Commission (SEC) engaged in a months-long debate over the severity of reporting deficiencies that led the Swiss bank to delay its annual report last month, Reuters reported. Credit Suisse said in March it had postponed the annual filing after a "late call" with the regulator which raised questions about earlier financial statements. Correspondence published in the SEC's online database on Tuesday show that agency staff first raised questions with Credit Suisse officials in July 2022. At issue were changes Credit Suisse made to how it booked a series of cash flows, including share-based compensation and foreign exchange hedges, and if control deficiencies needed to be disclosed to its audit committee or escalated to investors. "Management believes it is prudent to briefly delay the publication of its accounts in order to understand more thoroughly the comments received," Credit Suisse said at the time of the delay on March 9.
