A look at the clash between Byju's and its auditor BDO
BDO's Resignation
In September 2024, BDO resigned from its role as Byju’s auditor. The firm cited issues like potential fraud at Byju's Middle East unit and lack of transparency.
Issues Highlighted by BDO
BDO highlighted delays in financial disclosures, suppressed information, and the need for a forensic audit due to suspected fraud as reasons for its resignation.
Appointment and Resignation
BDO was appointed in June 2023 after Deloitte resigned over delays in finalizing financial statements. BDO’s resignation followed issues with the company’s financial reports and operations.
Byju’s Response
Byju's responded by accusing BDO of unethical requests and manipulative tactics. The company stated that it complied with all reasonable demands and attributed audit delays to insolvency proceedings.
Legal and Financial Issues
Byju’s faced financial difficulties and legal battles, including disputes with creditors and a forensic audit demand. The company also struggled with recovering dues from its Middle East partner.
Current Status
As of September 2024, Byju’s is dealing with ongoing legal challenges and financial scrutiny. The company continues to support the resolution professional handling its case.
What’s Next?
The situation remains fluid, with Byju’s working to resolve its financial and legal issues. Stakeholders are closely watching the developments in this high-profile case.