FRRB report on Byju’s accounting practices soon: ICAI President

The Financial Reporting Review Board (FRRB) under the Institute of Chartered Accountants of India (ICAI) is likely to finalise its report on alleged financial irregularities at Byju’s soon. Byju’s -- a tech-based education unicorn -- has been under regulatory lens over allegations of delayed financial reporting and the resignation of auditors.

“Report on Byju’s is under process. FRRB is working on it,” says ICAI’s newly-elected President Ranjeet Kumar Agarwal, indicating that the report may be finalised in a month’s time. FRRB – a committee under ICAI – works on financial reporting practices. The committee is reviewing the accounts of Byju’s for the period FY20 – FY21.

Agarwal adds that the Ministry of Corporate Affairs will soon come out with guidelines and standard operating procedures to protect the rights of auditors in matters related to corporate governance. According to the institute, this assumes a lot of significance as the auditors are getting wrongly implicated in several cases.

“ICAI is working on regulation for protecting the rights of Chartered Accountants in matters pertaining to corporate governance. CAs are being wrongly framed in certain cases without being involved. We have had a threadbare discussion with the Ministry of Corporate Affairs, which will come out with a set of guidelines or standard operating procedure for the agencies in matters like these soon,” says Agarwal.

Post taking over the ICAI as president, Kumar has shared his vision, DRISHTI, for advancements in the fields of digitalisation, research, integrity, skills, handholding, and independence. For the first time, ICAI has formed a committee on “AI in ICAI” to explore how AI can be leveraged for the professional development of students, member and employees.

CA Charanjot Singh Nanda has been elected as the new Vice-President of the Institute of Chartered Accountants of India (ICAI) w.e.f. February 12, 2024. The institute has more than 4 lakh members and over 8.5 lakh students.