Deloitte Resigns from Byjus’s Think and Learn as Statutory Auditors citing delay in Financial Statements of FY 2022; appoints BDO as Auditor

Deloitte Haskins & Sell, one of the largest auditing firms, has stepped down from major Edutech Company Byju’s – Think and Learn Private Limited. On 22nd June 2023, the auditing firm submitted their resignation before the Board of Directors with immediate effect.

According to the statement of Deloitte “The financial statements of the company for the year ended March 31st 2022 are long delayed.”

Also stated that “We have also not received any communication on the resolution of the audit report modifications in respect of the year ended March 31, 2023, status of audit readiness of the financial statements and the underlying books and records for the year ended March 31, 2022 and we have not been able to commence the audit on date.”

Due to these issues, “there will be a significant impact on our ability to plan, design, perform and complete the audit in accordance with the applicable auditing standards” states Deloitte.

The Byju’s-Think and Learn Private Limited has appointed Deloitte as its statutory auditors to hold the office for 5 years commencing from F.Y. 2020 to F.Y. 2025. However, the auditing firm stepped down from the company before the end of the tenure.

Following the resignation of Deloitte, Byju’s appointed BDO (MSKA & Associates) as the statutory auditors.  The newly appointed auditors were finalized after a rigorous selection process by the new Chief Financial Officer (CFO) Ajay Goel of Byju’s. 

“We have chosen BDO as our auditors with great confidence following a well-structured selection process. Their exceptional capabilities and expertise in providing audit services to globally diversified large-scale companies make them the perfect fit for our organization. We are excited to collaborate with BDO to uphold highest standards of financial scrutiny and accountability”, says CFO, Ajay Goel.

Last year, the Institute of Chartered Accountants of India (ICAI) had looked into the financial disclosures made by edutech major Byju’s amid concerns that there are issues related to them, according to a top official.

Read More: ICAI to Probe on Financial Disclosures of Byjus

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