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The recent resignation of BDO, the auditor for Byju's, marks another significant development in the ongoing saga surrounding the Indian edtech giant's financial reporting practices. This follows the earlier departure of Deloitte, the previous auditor, in 2022. The events surrounding these resignations highlight concerns about the transparency and accuracy of Byju's financial statements, raising questions about the company's overall financial health.
A timeline of events reveals the escalating nature of these concerns. Deloitte, having served as Byju's auditor for years, withdrew from the role in 2022 citing disagreements with the company's management over accounting practices. This withdrawal sparked further scrutiny of Byju's financial reporting. Subsequently, BDO was appointed as the new auditor. However, BDO's resignation, just a year later, points to ongoing issues and raises serious questions about the reliability of Byju's financial information.
The reasons behind BDO's resignation remain undisclosed, but it is widely speculated to be linked to persistent disagreements with Byju's management concerning accounting practices. The resignation fuels concerns about the company's financial transparency and raises questions about the credibility of its financial reporting. Investors and stakeholders are left to grapple with the uncertainty surrounding Byju's true financial position. This situation highlights the importance of independent audits in maintaining investor confidence and ensuring accurate financial reporting by publicly traded companies.
Source: Byju's auditor BDO resigns a year after Deloitte’s exit: a timeline of events