Financial reporting for licensees

Who cannot provide reports

The QBCC has the power under the current MFR policy to no longer accept a person as an ‘acceptable independent accountant’ to provide MFR reports.

This could be if the QBCC considers the person has been:

  • convicted or plead guilty to providing false and misleading information to QBCC about an applicant or licensee’s satisfaction of the financial requirements pursuant to s53B of the Act; or
  • notified in writing that QBCC considers they have provided incorrect information about an applicant or licensee’s satisfaction of the financial requirements; or
  • notified in writing that QBCC considers they have failed to appropriately apply the requirements of the MFR policy.

The current process adopted by the QBCC for no longer accepting a person as an ‘accepted independent accountant’ to provide MFR Reports is:

  1. Issue a show cause notice to the accountant, outlining in full the concerns that QBCC has identified in relation to the financial information prepared for a licensee in order to meet the financial requirements.
  2. The show cause notice invites written representations to be made, within a reasonable timeframe, and provides the accountant an opportunity to show cause as to why she/he should not be refered for prosecution under 53B of the Act, or no longer regarded by the QBCC as an ‘accepted independent accountant’ as defined in the MFR policy.
  3. Due consideration is given to any written representations received from the accountant, prior to any action being taken by the QBCC.

As at 14 March 2019, the following people are considered by the QBCC to not be an ‘accepted independent accountant’:

  • Mr Steven Reibelt of Redstar Accountants;
  • Mr David Richardson of G J Walsh & Co