Byju’s, the renowned edtech major, recently underwent a significant change in its auditor position. Deloitte Haskins & Sells, the previous statutory auditor of Byju’s, resigned from its role due to a delay in the submission of financial statements for the fiscal year ending March 31, 2022. Deloitte expressed concerns about the timeliness of the audit process and the handling of audit report modifications.
In response to Deloitte’s resignation, Byju’s appointed BDO (MSKA & Associates) as its new auditor. Byju’s acknowledged Deloitte for their support over the past six years and assured a seamless integration of the new auditor into the existing audit framework. BDO was chosen by Byju’s based on their extensive experience working with multinational clients and their expertise in navigating the complexities of consolidation, which aligns with Byju’s global acquisitions. As the new auditor, BDO will cover the holding company, subsidiaries like Aakash Education Services Limited, and the overall group consolidated results, ensuring comprehensive audit coverage. Byju’s emphasized that this appointment upholds the highest standards of financial scrutiny and accountability.
Additionally, it’s worth noting that three board members from Byju’s, namely GV Ravishankar, Russell Dreisenstock, and Vivian Wu, reportedly resigned; however, Byju’s denied these claims and urged media outlets to rely on verified sources for accurate information.
To summarize, Byju’s appointed BDO as its new auditor following Deloitte’s resignation due to a delay in the submission of financial statements. Byju’s expressed gratitude to Deloitte and ensured a smooth transition. The appointment of BDO aims to maintain high standards of financial scrutiny and accountability.