BYJU'S appoints BDO (MSKA & Associates) as statutory auditors, strengthening financial governance
By siliconindia | Friday, 23 June 2023, 11:23:33 AM IST
Education technology giant BYJU's on the appointment of BDO (MSKA & Associates), one of the globally renowned audit firms trusted by many Fortune 500 companies, as its statutory auditors for the year commencing from FY22 for the next five years. BDO's extensive experience working with multi-national clientele underscores their expertise in navigating the complexities of consolidation, particularly relevant to BYJU'S given its multiple global acquisitions in the past three years.
Under this appointment, BDO will cover the holding company -- Think and Learn Pvt Ltd, its material subsidiaries such as Aakash Education Services Limited as well as the overall group consolidated results. This comprehensive audit coverage will provide a holistic view of BYJU'S financial performance and ensure transparency across the organisation.
The selection of BDO as BYJU'S auditors were finalised after a rigorous selection process by the new Group Chief Financial Officer, Ajay Goel, who joined the company a month ago and has quickly become acquainted with its financial landscape. BDO's experience as an auditor for BYJU'S subsidiaries ensures their familiarity with the organisation's operations, enabling a streamlined completion of the group-level audit anticipated to be finalised in the upcoming quarter. "We have chosen BDO as our auditors with great confidence following a well-structured selection process. Their exceptional capabilities and expertise in providing audit services to globally diversified large-scale companies make them the perfect fit for our organisation. We are excited to collaborate with BDO to uphold the highest standards of financial scrutiny and accountability," said Goel.
Moreover, BYJU'S has expressed its sincere gratitude to the outgoing auditors, Deloitte Haskins & Sells, for their invaluable professional support over the last six years. The meticulously planned transition timeline ensures seamless integration of the new auditor into the existing audit framework, affirming a comprehensive and independent examination of BYJU'S financial statements. The audit of most subsidiaries has already been completed, setting a positive precedent for the ongoing collaboration with the new auditors.
This strategic decision will reflect BYJU'S commitment to maintaining the highest standards of financial scrutiny and accountability. By engaging BDO, BYJU'S will demonstrate its dedication to implementing robust financial systems and nurturing a governance framework that supports the creation of long-term value for its stakeholders. BYJU'S will remain steadfast in ensuring open and accurate financial practices while upholding a culture of responsibility and adherence to industry best practices. The company is also confident that the appointment of BDO as the new auditor will further fortify these principles and contribute to the continued success of BYJU'S as a leading EdTech company.
Read More News :