QBCC adds new names to accountants naughty list

Pursuant to section 11A of the Queensland Building and Construction Commission (Minimum Financial Requirements) Regulation 2018 (Qld) (Regulation):

“A licensee must ensure an MFR Report for the licensee is prepared by a qualified accountant.”

A ‘qualified accountant’ is a person who is independent of the licensee, and who is approved by QBCC.

A person is taken to be a qualified accountant if, prior to the commencement of the Regulation, until the earlier of:

  • the day QBCC gives the licensee written notice stating that the accountant is not approved as a ‘qualified accountant’; and
  • the day the licensee first gives QBCC and MFR Report prepared by the accountant after the commencement of the Regulation.

QBCC has recently expanded its list of persons who are not approved as ‘qualified accountants’. These people are:

  • Mr David Richardson of G J Walsh & Co;
  • Mr John Biggs of Conquest Accounting;
  • Odile Mignot of AVB Tax & Loans;
  • Cameron Dyal of Dyal Accounting; and
  • John Kyriakidis of JK Accounting Services Pty Ltd.

If you, as a licensee, have been using any of the above persons to prepare documentation for QBCC you will need to engage a new accountant, as QBCC will not be accepting MFR Reports by the above people. 

We observe that where an accountant provides false or misleading information to QBCC, QBCC (in addition to declaring such a person to no longer be a ‘qualified accountant’) can also refer a person for prosecution (the penalty for which is up to $11,000.00 or two years imprisonment).

If you are a licensee, and you require a referral to an accountant who can provide financial documents (including but not limited to MFR Reports), or if you are an accountant concerned about your obligations in relation to the providing of least QBCC, please contact a member of Cornwalls’ experienced Building and Construction team.

Disclaimer
This article is general commentary on a topical issue and does not constitute legal advice. If you are concerned about any topics covered in this article, we recommend that you seek legal advice.

Queries
For further information please contact a member of Cornwalls’ Building and Construction team.

The Building and Construction team has extensive experience in dealing with the regulatory regime confronting the building industry. Our presence in Brisbane, Sydney and Melbourne means that we have detailed, ‘on the ground’ knowledge of the regulatory environment in the areas where we practice, and the ‘boots on the ground’ to deal with your matter in a timely and efficient manner. If you have a regulatory issue, we have probably seen it before, and can provide you with strategic advice to assist you in achieving outstanding outcomes.

The Author

Brent Turnbull

PARTNER, BRISBANE