NEW DELHI: The Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) is in the final stages of examining the accounting practices of the edtech company Byju’s, as per ICAI’s new President Ranjeet Kumar Agarwal.
Agarwal said during a press briefing that the FRRB is currently in the process of finalising its report. This panel within ICAI focuses on enhancing financial reporting standards and had initiated a review of Byju’s financial statements in 2023 for financial years 2019-20 and 2020-21.
Byju’s lost the confidence of investors after Deloitte Haskins & Sells in 2022 had resigned as its auditor after the company delayed filing its financial results. After Deloitte stepped down, the company’s three investors - Prosus, Peak XV Partners, and Chang Zuckerberg Initiative also resigned. Post Deloitte resignation, BDO has been appointed as the auditor of Byju’s for next five years.
Agarwal also informed that ICAI, top governing body for chartered accountants, is tackling concerns regarding cases where chartered accountants are wrongly implicated. It is in talks with the Ministry of Corporate Affairs, to develop a standard operating procedure for investigative agencies to properly handle chartered accountants in such situations.