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Byjus auditor BDO Global quits; decision after bankruptcy proceedings begin
Byju's: This is not the first time Byju's has lost its auditor. Earlier this year, BDO Global was appointed as the auditor, before that former auditor Deloitte left the company citing several irregularities in the company's financial reporting.
Controversies in education technology start-up Byju's are increasing. Now auditor BDO Global has left the company. The reason, according to the auditor is that the start-up did not provide the documents sought after the bankruptcy proceedings began. Byju said this on Saturday. Byju's is facing many challenges including bankruptcy proceedings and a $1 billion claim made by US-based Glass Trust.
This is not the first time Byjus has parted ways with an auditor. BDO Global was appointed auditor earlier this year after former auditor Deloitte quit the company citing multiple discrepancies in the firm's financial reporting. The auditor in a letter to the company on Tuesday said despite an "inordinate" delay in filing financial statements for the year ended March 2023, management provided inadequate assistance to complete the audit.
"We do have reasons to believe that the company does not give sufficient transparency to give the auditor complete information to consider and evaluate," BDO Global said in its letter, according to a report from Reuters.
