Enprise Group Limited

August 2023

FMA issued Enprise Group Limited (Enprise) a warning for failing to keep proper accounting records. These records are required to ensure financial statements comply with generally accepted accounting practice (GAAP) under section 455(1)(c) of the Financial Markets Conduct Act 2013 (FMC Act).

In particular, Enprise did not provide the FMA with sufficient evidence to support disclosures and assumptions made in preparing financial statements for the year ending 30 June 2022. This was in relation to the value of its Australian subsidiary, Kilimanjaro Consulting, and certain tax related assets.

In October 2022, the FMA received notice from the auditors for Enprise about a disclaimer of opinion issued for the 2022 financial statements. The disclaimer indicated the auditors were unable to obtain sufficient evidence to support certain matters. The FMA made enquiries with Enprise and has found that that Enprise did not comply with s455(1)(c) of the FMC Act.

The FMA’s decision to publish the warning comes following a history of enquiries into Enprise’s financial reporting practices between 2015-2019.

• Download the Enprise Group Limited Warning