Financial reporting for licensees

Who cannot provide MFR reports

If QBCC considers that false or misleading information has been provided about an applicant or licensee’s satisfaction of the financial requirements pursuant to s53B of the Act, or the MFR Regulation 2018 has not been applied appropriately, QBCC can refer accounting professionals for prosecution.

The current process adopted by the QBCC for no longer accepting a person as a qualified 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 referred for prosecution under 53B of the Act, or no longer regarded by the QBCC as a qualified accountant as defined by MFR Regulation 2018.
  3. Due consideration is given to any written representations received from the accountant, prior to any action being taken by the QBCC.