ICAI refers edtech firm Byju's matter to its disciplinary committee

Aug 3, 2023 

The FRRB under ICAI has the power to review general-purpose financial statements of enterprises and auditor's report

The Institute of Chartered Accountants of India (ICAI) has referred the matter concerning educational technology (edtech) major Byju’s to its disciplinary committee to decide on further course of action, according to official sources.

The financial reporting review board (FRRB) of the ICAI was examining the financial disclosures of Byju’s.

A person close to the matter stated that the FRRB has raised certain issues, which the disciplinary committee will investigate.

“It was felt that some things needed more investigation. There are three/four areas of concern that the disciplinary committee will further scrutinise,” the person said.

The FRRB, under ICAI, has the authority to review general-purpose financial statements of enterprises and auditor’s reports.

In Byju’s case, the FRRB examined the company’s balance sheet, profit-and-loss account statement, notes on account, and the auditor’s report, among other things.

[The Business Standard]