The Queensland Building and Construction Commission (QBCC) has banned five accountants from providing further advice in relation to any licensed builder in Queensland, indefinitely.
The decision regarding John Biggs of Conquest Accounting, Odile Mignot of AVB Tax & Loans, Cameron Dyal of Dyal Accounting, John Kyriakidis of JK Accounting Services Pty Ltd and Mr David Richardson of GJ Walsh & Co came after they failed to undertake appropriate tests and ensure the companies they represented were paying their debts.
As per the QBCC Minimum Financial Requirements (MFR), the decision means the five individuals are no longer considered qualified accountants.
"All these accountants have either provided false and misleading information, or in the alternative, provided information that may be incorrect or incorrectly applies the MFR," says Philip Halton, deputy commissioner of the QBCC.
"Our officers reviewed their reports and deemed certain information was either incorrect or inappropriate for our reporting purposes."
New MFR laws were introduced by the Queensland government at the start of the year. These laws require all building and construction companies with an annual revenue of more than $30 million to provide annual financial information to the QBCC. Halton highlights the need for accountants to be aware of the new laws, and to be wary of any unprofessional requests made by their clients.
"Accountants need to be aware that if their client enters financial difficulty, we will also be looking closely at their own activities. The financial information they provide to the QBCC helps in making decisions as to whether a person or company should have a licence. Accountants should recognise the role they play in the building and construction industry in reducing financial harm and keeping it sustainable.
"It certainly makes our job easier to receive accurate and compliant financial reports, but if licensees or their accountants believe that they can throw us off the scent of finding out that they are not meeting MFR, they’re wrong.
"It's time for this to stop."
Nine dedicated accountant education sessions have been held across Queensland to remind accountants of their obligations, with five more set to come on the Gold Coast, Brisbane, Townsville, Warwick and Loganholme.
To view the list of accountants no longer considered by the QBCC to be acceptable independent accountants visit www.qbcc.qld.gov.au.
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