ICAI Probes Byju's Auditing Allegations

The ICAI is investigating alleged auditing lapses at Byju's. Although specific details remain undisclosed, the issue has been referred to the disciplinary committee following a referral by the Financial Reporting Review Board. This comes amid Byju's facing significant financial and legal challenges.

The apex body for chartered accountants, ICAI, is scrutinizing potential auditing oversights at Byju's, as stated by its President Ranjeet Kumar Agarwal on Monday. Specific details about the alleged lapses have yet to be revealed.

During a briefing in the national capital, Agarwal outlined the procedural stages within ICAI's disciplinary mechanism. The issue concerning Byju's has been directed to the disciplinary committee by the directorate, which is currently investigating the matter.

Earlier this year in March, Agarwal noted the discovery of gross negligence by Byju's auditors. The case was then transferred to the Financial Reporting Review Board for punitive consideration. Meanwhile, Byju's is entangled in financial and legal distress, with the Supreme Court overturning a ruling that had stalled insolvency proceedings against the company.

(With inputs from agencies.)