CORPORATE
Byju’s auditor BDO quits over “inadequate support to complete the audit”
- IBJ Bureau
- Sep 08, 2024
Education technology (edtech) company Byju’s auditor BDO Global has resigned after the startup did not provide documents requested following the start of insolvency proceedings, Byju’s said on Saturday.
Byju’s is fighting several battles, including the insolvency proceedings and a $1-billion claim from US-based Glas Trust.
BDO was appointed auditor earlier this year after Byju’s former auditor, Deloitte, left the company, citing several issues with the company’s financial reporting.
The auditor said in a letter to the company dated Tuesday that despite “inordinate” delays in filing its financials for the year ended March 2023, the management had provided inadequate support to complete the audit.
“We have reasons to believe that the management of the company lacks transparency with respect to providing full information to the auditor for their consideration and evaluation,” BDO wrote in the letter.
Byju’s has defended its inability to provide the documents, saying in a statement that BDO had requested the materials from the company’s board, which has been suspended due to the insolvency proceedings. The letter should have been addressed to the insolvency professional in control of the company at the time, the edtech company has said.
BDO in its email to the board has said it had sought a detailed forensic review of transactions involving a Dubai-based subsidiar
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