Financial reporting for licensees

A licensee must ensure an MFR report is prepared by a qualified accountant.

A qualified accountant is someone who:

• meets the requirements of a qualified accountant outlined in the ASIC Corporations (Qualified Accountant) Instrument 2016/786, or
• is a Registered Company Auditor, or
• holds a current public practising certificate from the Association of Taxation and Management Accountants or National Tax and Accountants Association.

The qualified accountant must also be independent of the licensee.

A person is not independent of the licensee  if the person is any of the following for the licensee or a related entity of the licensee:

• an employee of the licensee;
• an executive officer, investor, or shareholder of the licensee
• a partner in the partnership of the licensee.

The QBCC Commissioner does not need to approve qualified accountants for the purpose of preparing MFR reports.