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Byju’s to close long pending 2022 audit
Byju’s to close long pending 2022 audit
Edtech major Byju’s has committed its investor to close the long-pending audit of the financial year 2022 by September and fiscal year 2023 by December, according to sources aware of the development.
New Delhi: Edtech major Byju’s has committed its investor to close the long-pending audit of the financial year 2022 by September and fiscal year 2023 by December, according to sources aware of the development.
In a call with shareholders on Saturday, Byju’s CEO Byju Raveendran admitted his past mistakes and assured shareholders that his learnings far outweigh any missteps. During the call, Raveendran acknowledged the resignation of board members, but said that the company has not yet accepted them and information about their resignation was leaked out prematurely.
“Byju Raveendran introduced Group CFO Ajay Goel on the call. Goel has committed to close the audit of financial year (FY) 2022 and FY 2023 by September and December respectively,” a person who attended the call said.
Audit firm Deloitte has resigned as auditors of BYJU’S citing a delay in submitting financial statements, while almost simultaneously three of its board members resigned which indicated the deepening of the crisis at edutech decacorn. Deloitte Haskins & Sells, which was slated to audit Byju's until 2025, stepped down with immediate effect mid-term stating that the financial statements of the company are long delayed.
BYJU'S board members, including GV Ravishankar, MD of early-backer Peak XV Partners (formerly Sequoia Capital India), Russell Dreisenstock of Prosus and Chan Zuckerberg's Vivian Wu resigned, and sources said that they were also on the call.
