Lokesh Choudhary · · 2 min readByju’s auditor Deloitte quits over long-delayed financial statements
Byju’s founder and CEO Byju Raveendran / Photo credit: Byju’s
Deloitte has officially resigned as the auditor of Byju’s, the Indian edtech giant, with immediate effect.
In a letter, Deloitte said that it had been unable to complete the audit of Byju’s financials for the year ended March 31, 2022, due to long delays.
“We have also not received any communication on the resolution of the audit report modifications in respect of the year ended March 31, 2021, status of audit readiness of the financial statements and the underlying books and records for the year ended March 31, 2022,” the global auditor noted.
In response, Byju’s has announced the appointment of BDO (MSKA & Associates) as its statutory auditors for five years starting from FY 2022.
Under this appointment, BDO will cover the holding company – Think and Learn Pvt. Ltd., its material subsidiaries such as Aakash Education Services Limited, as well as the overall group consolidated results.
The resignation of Deloitte is a major blow to Byju’s. The company has been struggling to grow its business in recent months, and its valuation has fallen sharply.
Three of Byju’s board members have reportedly stepped down as well, according to various reports.
However, Byju’s told Tech in Asia that such reports are entirely speculative. “Byju’s firmly denies these claims and urges media publications to refrain from spreading unverified information,” a company spokesperson said.
See also: These are the most active investors in India’s startups
Editing by Thu Huong Le and Eileen C. Ang
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