# EDGAR Filing Document

**Accession Number:** 0001159510
**File Stem:** 0000000000-23-000461
**Filing Date:** 2023-1
**Character Count:** 16934
**Document Hash:** bdc61160b6623b6c8dde5298e40fe075
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-000461.hdr.sgml**: 20230411

**ACCESSION NUMBER**: 0000000000-23-000461

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230117

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CREDIT SUISSE GROUP AG
- **CENTRAL INDEX KEY:** 0001159510
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** PARADEPLATZ 8
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** 8001
- **BUSINESS PHONE:** 1 919 994 1161

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 1
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** 8070

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CREDIT SUISSE GROUP
- **DATE OF NAME CHANGE:** 20010921
**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CREDIT SUISSE AG
- **CENTRAL INDEX KEY:** 0001053092
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** PARADEPLATZ 8
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** 8001
- **BUSINESS PHONE:** 01141 44 333 1111

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 1
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** 8070

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CREDIT SUISSE / /FI
- **DATE OF NAME CHANGE:** 20050607

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CREDIT SUISSE FIRST BOSTON /                            /FI
- **DATE OF NAME CHANGE:** 19980115
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001370368-22-000019

## Text-Extract

```

United States securities and exchange commission logo

                             January 17, 2023

       Dixit Joshi
       Chief Financial Officer
       Credit Suisse AG
       Paradeplatz 8
       8001 Zurich, Switzerland

                                                        Re: Credit Suisse AG
                                                            Form 20-F for the
Fiscal Year Ended December 31, 2021
                                                            Response Dated
November 18, 2022
                                                            File No. 001-33434

       Dear Dixit Joshi:

              We have reviewed your November 18, 2022 response to our comment
letter and have the
       following comments. In some of our comments, we may ask you to provide
us with information
       so we may better understand your disclosure.

              Please respond to these comments within ten business days by
providing the requested
       information or advise us as soon as possible when you will respond. If
you do not believe our
       comments apply to your facts and circumstances, please tell us why in
your response.

             After reviewing your response to these comments, we may have
additional
       comments. Unless we note otherwise, our references to prior comments are
to comments in our
       October 20, 2022 letter.

       Form 20-F for the Fiscal Year Ended December 31, 2021

       Notes to the Consolidated Financial Statements
       Note 1 - Summary of Significant Accounting Policies
       Revisions of prior period financial statements, page 466

   1.                                                   We note your response
to prior comments 2 and 3. We continue to have questions as to
                                                        the actual control(s)
that were deficient. For each identified control deficiency, please
                                                        address the following:
                                                            Identify the
deficient control(s), provide a description of how each control was
                                                             designed to
address the related risk of material misstatement, and explain whether the
                                                             deficiency related
to the design or operating effectiveness of the control.
                                                            Provide management
 s root cause analysis. In your response, tell us how the root
                                                             cause(s),
including instances where the root cause is related to the knowledge
 Dixit Joshi
FirstName   LastNameDixit Joshi
Credit Suisse AG
Comapany
January 17,NameCredit
             2023      Suisse AG
January
Page  2 17, 2023 Page 2
FirstName LastName
              assessment and technical accounting expertise of the control
owner, impact your
              conclusions around entity level controls.
                Describe any remediation efforts, including the nature and
timing of remediation, and
              how the remedial actions address the related root cause(s).
2.       We note your response to prior comment 1 states that you perform an
accounting Quality
         Assurance Review that focuses on a specific accounting topic,
documenting and
         reviewing the way such topic is addressed across relevant entities and
systems within the
         Group to ensure appropriate treatment. Your response further explained
that the
         consolidated statement of cash flows was included in this review and
that this
         management review was compensating in nature for the cash flow mapping
deficiencies
         identified. For each control deficiency identified, please explain how
you determined that
         management   s compensating controls compensate for the root cause(s)
of the deficient
         controls. Specifically, for each compensating control, please explain
and provide the
         following:
             The objective of the review control. For example, explain whether
the control looks
              at how transactions should be treated and whether the treatment
was properly
              implemented.
             The level of aggregation at which the control is performed.
             The frequency of the control.
             The correlation of the control   s design to each of the risks of
material misstatement
              related to these errors.
             The level of predictability of management   s expectations in
their review.
             The criteria for investigating deviations or differences from
expectations and how
              those criteria correlate to management   s materiality
evaluation. As part of this
              response, explain whether the control identified any outliers in
the operation of the
              control.
             Quantification of the level of precision and magnitude of the
potential error that these
              compensating controls are designed to detect.
3.       We note your response to prior comment 2 discusses how you evaluated
the severity of
         each of the identified control deficiencies. It appears your analysis
primarily focused on
         the actual size of the errors identified rather than the potential
magnitude. For each
         control deficiency identified, please respond to the following:
             Describe the factors that affected the magnitude of the
misstatement that might result
              from the deficiency, including (i) the total monetary amount of
transactions exposed
              to the deficiency and (ii) the volume of activity in the account
balance or class of
              transactions exposed to the deficiency in the current period or
that is expected in a
              future period.
             Quantify the magnitude of the potential misstatement for each of
the identified
              control deficiencies.
             Explain whether the qualitative factors also included
considerations of other impacts,
              such as regulatory requirements and other ratios.
 Dixit Joshi
Credit Suisse AG
January 17, 2023
Page 3
4.    We note your response to prior comment 2, which states that, as it
related to the mapping
      deficiency, the likelihood of the potential misstatement was remote and
the magnitude of
      the potential misstatement was not material. In addition, the response
states that, for the
      nonfunctional currency gains and loss deficiency, the likelihood of
potential misstatement
      was reasonably possible, but the magnitude of the potential misstatement
was not
      material. Please explain in more detail how you performed the severity
analysis for each
      of the control deficiencies related to the errors. As part of your
response, please address
      the following:
          Explain in more detail how you supported the conclusions outlined
above related to
           the likelihood of potential misstatements and the potential
magnitude for each
           deficiency.
          Since the control deficiencies remained un-remediated for multiple
years, tell us how
           this was considered in the evaluation of the severity of the control
deficiencies.
          Given that a restatement of previously issued financial statements
for a correction of
           an error is an indicator of a material weakness, explain how you
considered the
           restatement of previously issued financial statements to reflect the
correction of these
           errors, as described in Note 1 of your 2021 Form 20-F, in your
evaluation of whether
           the control deficiencies represented a material weakness.
          Provide management   s aggregation analysis of all control
deficiencies identified for
           the period.

       You may contact Cara Lubit at 202-551-5909 or Robert Klein at
202-551-3847 if you
have questions regarding comments on the financial statements and related
matters.

                                                             Sincerely,
FirstName LastNameDixit Joshi
                                                             Division of
Corporation Finance
Comapany NameCredit Suisse AG
                                                             Office of Finance
January 17, 2023 Page 3
cc:       Sebastian Sperber
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

DIVISION OF
CORPORATION FINANCE

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

January 17, 2023

Dixit Joshi
Chief Financial Officer
Credit Suisse AG
Paradeplatz 8
8001 Zurich, Switzerland

**Re: Credit Suisse AG**

**Form 20-F for the Fiscal Year Ended December 31, 2021**

**Response Dated November 18, 2022**

**File No. 001-33434**

Dear Dixit Joshi:

We have reviewed your November 18, 2022 response to our comment letter and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response.

After reviewing your response to these comments, we may have additional comments. Unless we note otherwise, our references to prior comments are to comments in our October 20, 2022 letter.

Form 20-F for the Fiscal Year Ended December 31, 2021

Notes to the Consolidated Financial Statements

Note 1 - Summary of Significant Accounting Policies

Revisions of prior period financial statements, page 466

1. We note your response to prior comments 2 and 3. We continue to have questions as to the actual control(s) that were deficient. For each identified control deficiency, please address the following:
- Identify the deficient control(s), provide a description of how each control was designed to address the related risk of material misstatement, and explain whether the deficiency related to the design or operating effectiveness of the control.
- Provide management's root cause analysis. In your response, tell us how the root cause(s), including instances where the root cause is related to the knowledge

Dixit Joshi  
Credit Suisse AG  
January 17, 2023  
Page 2

assessment and technical accounting expertise of the control owner, impact your conclusions around entity level controls.

- • Describe any remediation efforts, including the nature and timing of remediation, and how the remedial actions address the related root cause(s).2. We note your response to prior comment 1 states that you perform an accounting Quality Assurance Review that focuses on a specific accounting topic, documenting and reviewing the way such topic is addressed across relevant entities and systems within the Group to ensure appropriate treatment. Your response further explained that the consolidated statement of cash flows was included in this review and that this management review was compensating in nature for the cash flow mapping deficiencies identified. For each control deficiency identified, please explain how you determined that management's compensating controls compensate for the root cause(s) of the deficient controls. Specifically, for each compensating control, please explain and provide the following:- • The objective of the review control. For example, explain whether the control looks at how transactions should be treated and whether the treatment was properly implemented.
- • The level of aggregation at which the control is performed.
- • The frequency of the control.
- • The correlation of the control's design to each of the risks of material misstatement related to these errors.
- • The level of predictability of management's expectations in their review.
- • The criteria for investigating deviations or differences from expectations and how those criteria correlate to management's materiality evaluation. As part of this response, explain whether the control identified any outliers in the operation of the control.
- • Quantification of the level of precision and magnitude of the potential error that these compensating controls are designed to detect.3. We note your response to prior comment 2 discusses how you evaluated the severity of each of the identified control deficiencies. It appears your analysis primarily focused on the actual size of the errors identified rather than the potential magnitude. For each control deficiency identified, please respond to the following:- • Describe the factors that affected the magnitude of the misstatement that might result from the deficiency, including (i) the total monetary amount of transactions exposed to the deficiency and (ii) the volume of activity in the account balance or class of transactions exposed to the deficiency in the current period or that is expected in a future period.
- • Quantify the magnitude of the potential misstatement for each of the identified control deficiencies.
- • Explain whether the qualitative factors also included considerations of other impacts, such as regulatory requirements and other ratios.

Dixit Joshi
Credit Suisse AG
January 17, 2023
Page 3

4. We note your response to prior comment 2, which states that, as it related to the mapping deficiency, the likelihood of the potential misstatement was remote and the magnitude of the potential misstatement was not material. In addition, the response states that, for the nonfunctional currency gains and loss deficiency, the likelihood of potential misstatement was reasonably possible, but the magnitude of the potential misstatement was not material. Please explain in more detail how you performed the severity analysis for each of the control deficiencies related to the errors. As part of your response, please address the following:
- Explain in more detail how you supported the conclusions outlined above related to the likelihood of potential misstatements and the potential magnitude for each deficiency.
- Since the control deficiencies remained un-remediated for multiple years, tell us how this was considered in the evaluation of the severity of the control deficiencies.
- Given that a restatement of previously issued financial statements for a correction of an error is an indicator of a material weakness, explain how you considered the restatement of previously issued financial statements to reflect the correction of these errors, as described in Note 1 of your 2021 Form 20-F, in your evaluation of whether the control deficiencies represented a material weakness.
- Provide management's aggregation analysis of all control deficiencies identified for the period.

You may contact Cara Lubit at 202-551-5909 or Robert Klein at 202-551-3847 if you have questions regarding comments on the financial statements and related matters.

Sincerely,

Division of Corporation Finance
Office of Finance

cc: Sebastian Sperber