BANNED: John Kyriakidis from JK Accounting Services Pty Ltd, has been banned from providing advice to the QBCC.
BANNED: John Kyriakidis from JK Accounting Services Pty Ltd, has been banned from providing advice to the QBCC.

Accountant banned over allegedly falsified building reports

A CALOUNDRA-based accountant has been banned from providing advice to the Queensland Building and Construction Commission about licensed builders.

Beirut-born John Kyriakidis of JK Accounting Services Pty Ltd was one of five accountants banned by the QBCC on Wednesday.

QBCC deputy commissioner Philip Halton alleged Mr Kyriakidis, director of the Pelican Waters-based accounting firm, and four others "failed to undertake tests and checks to ensure the company they each represented was paying its debts as and when they fell due".

"These accountants can no longer provide financial information to the regulator in relation to any licensed builder in Queensland, indefinitely," Mr Halton said.

"The action taken by the QBCC against all these accountants means they are no longer considered to be qualified accountants under the QBCC Minimum Financial Requirements.

"Ultimately they cannot provide minimum financial reports to the QBCC for any licensee.

"All these accountants have either provided false and misleading information, or in the alternative, provided information that may be incorrect or incorrectly applies the Minimum Financial Requirements.

"Our officers reviewed their reports and deemed certain information was either incorrect or inappropriate for our reporting purposes."

Tougher Minimum Financial Requirement laws were introduced by the State Government on January 1, in order to give the QBCC oversight of a construction company's true financial position.

"Phase 1 of these changes required all building and construction companies that have an annual revenue of more than $30 million to provide annual financial information to the QBCC," Mr Halton said.

By the end of the year every licensee would be required to meet new annual financial reporting obligations.

"Accountants need to be aware that if their client enters financial difficulty, we will also be looking closely at their own activities," Mr Halton said.

He said the financial information they provided to the QBCC helped determine whether a person or company should hold a licence, and accountants played a key role in reducing financial harm and keeping the construction industry sustainable.

"It certainly makes our job easier to receive accurate and compliant financial reports," he said.

"If accountants are knowingly or unknowingly providing incorrect information, we have forensic accountants and experienced investigators who will uncover any attempt to do so, and the QBCC will be taking action.

"It's time for this to stop."

The Daily has attempted to contact Mr Kyriakidis for comment.



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