1111-NOC

Financial auditors and accountants

(NOC 1111)
High opportunity occupation High opportunity occupation
Annual Earnings
$72,996
Typical Education Background
Degree
Job Openings
(2022-2032)
11,620

Career Overview

Accountants and financial auditors organize, review and manage financial records and transactions for companies and people. They make sure that information is accurate and meets established accounting standards. This group includes articling students in accounting firms.

Duties

In general, accountants and financial auditors are responsible for a variety of financial, tax and business-related work. This could be for a company or if the person works for an accounting firm, it could be for several client companies.

Accountants:

  • Plan, set up and maintain accounting systems and prepare financial information for individuals and families, departments, companies and other organizations, including for bank loans and other forms of funding
  • Review the financial health of companies and help management with strategic planning
  • Create and maintain accounting systems to collect and manage financial information
  • Check accounting and transaction records, financial reports, income tax returns and other financial documents
  • Prepare, review and file tax returns, financial statements and other financial reports
  • Give advice on how to improve financial, business and tax procedures
  • Create and maintain policies and procedures for the company or organization
  • Project future earnings and expenses as well as cash flows
  • Work with auditors and bankers
  • Act as trustees in bankruptcy proceedings
  • Handle mergers and acquisitions
  • Help to put business management software in place
  • May supervise and train articling students, junior accountants or administrative technicians

Financial auditors:

  • Review the financial records and financial statements of people and companies to make sure information is accurate
  • Ensure that the person or company’s financial activities and reporting follows accounting standards, procedures and government laws
  • Check and analyze corporate and individual financial documents, including:
    • Transaction records
    • Journal and ledger entries
    • Bank statements
    • Inventories
    • Expenditures
    • Tax returns
  • Conduct field audits, including:
    • Review and report on the strength of the company’s internal control systems to ensure that the financial activities are done properly
    • Provide double checks on actions to promote accountability and prevent fraud
  • Complete sample inventory counts and review inventory counts done by others in the company
  • Review and confirm large costs that are recorded to verify their accuracy
  • Look for general indications of tax fraud and non-compliance
  • Advise companies on how to put new rules and processes in place
  • Advise on how to improve accounting, risk management and other management practices
  • Review and test how a company manages its financial efforts to show risks
  • Prepare audit reports
  • May supervise other auditors or accounting professionals

Financial auditors doing assurance work may:

  • Examine accounting records (audits)
  • Review financial statements
  • Prepare and present financial records
  • Provide other assurance services, such as investigating fraud, reviewing policies and procedures, and evaluating internal controls

 

Earnings

Earnings is income that workers receive in exchange for their labour. Depending on the type of employment, earnings can be in the form of wages (hourly), salaries (fixed monthly or annual) or self-employed earnings.

Annual Earnings

$72,996

Provincial Hourly Rate

High$55.29/hr
Median$35.00/hr
Low$22.12/hr
Source: B.C. Labour Market Information Office, derived from 2022 Job Bank Wage data

Work Environment

# Workers Employed

27,300

% Employed Full Time

65%
Source: 2016 Census

Accountants and financial auditors can work for small, medium or large organizations in the private or public sectors. They can work for auditing or accounting firms, for a company or they can be self-employed as consultants.

Government and larger businesses may hire their own full-time accountants and have fully staffed accounting departments. Smaller businesses may contract an accountant—either one who is self-employed or through an accounting firm—for shorter terms or specific projects.

Compared to other jobs, this group has a higher-than-average number of self-employed workers. Demand for accountants and financial auditors may rise and fall with the economy. However, this profession tends to be protected from short-term recessions because accounting is an area that most businesses must continue to do as a part of their operations.

Career Pathways

Financial auditors and professional accountants can become senior managers after five to 10 years of work experience, depending on the organization. With additional experience or education, professional accountants and financial auditors can move into partnership roles or executive positions.

A Chartered Professional Accountant (CPA) designation is well-known and respected around the world. Having this opens up a wide range of career opportunities in finance, audit, tax and financial reporting. While accountants do not have to have a CPA designation to get a job in B.C., for those who want to move into more senior roles, it is important. A CPA is required for those who will provide regulated accounting services, such as tax advice, tax or statutory filings, forensic accounting, and financial investigation.

Occupational Interests

It’s important to understand what kinds of occupations align with your interests.

For more about occupational interests visit Skills for the Future Workforce > Characteristics.

Here are the top occupational interest(s) for this career profile:

Conventional
Conventional

Job Titles

Accountant, bank branch
Accountant, plant / production
Accountant, property / public / tax
Accountant-controller
Analyst, reinsurance / senior accounting
Auditor, bank reserves / computer audit
Auditor, internal - finances
Chartered professional accountant, certified management accountant (CPA, CMA)
Chartered professional accountant, chartered accountant (CPA, CA)
Chief accountant
Controller, accounting / division / plant
CPA (chartered professional accountant)
CPA (chartered professional accountant), CGA (certified general accountant)
Professional accountant
Senior accounting analyst
Tax accountant
Tax adjuster / adviser / investigator
Tax specialist
Trustee, bankruptcy

Education, Training and Skills

To qualify for the Chartered Professional Accountant (CPA) designation, those in this career must hold a bachelor’s degree in any subject from a Canadian or international university. In addition, there are requirements to pass specific examinations as well as having completed practical accounting experience.

If a person’s undergraduate degree doesn’t include everything needed by the Charted Professional Accountant Professional Education Program (known as CPA PEP), they can complete them at any post-secondary institution or through the CPA profession by taking its preparatory courses (known as PREP). If the person has the education needed, they can apply for entry into the CPA PEP which is offered directly through the CPA. The CPA PEP is made up of six accounting subject areas and can be completed in 24 months of part-time study. Once the CPA PEP is completed, the next step is to take the nationally administered Common Final Examination (CFE).

To earn the CPA designation while working on completing the academic requirements, the person will also have to do a minimum of 30 months of relevant practical experience.

CPA is the designation created in 2013 for professional accountants across Canada. In 2015, B.C. passed legislation to bring its three professional accounting bodies—Certified Management Accountants, Chartered Accountants and Certified General Accountants—together under the one designation. The Chartered Professional Accountants of British Columbia (CPABC) is the province’s regulator for CPAs and is part of the national Chartered Professional Accountants of Canada (CPA Canada).

For more information about the CPA designation, visit www.goCPAbc.ca.

CPAs holding positions as financial auditors and other public accounting experts may be expected to have additional credentials, including:

  • Recognition from the Institute of Internal Auditors
  • A licence as a trustee in bankruptcy
  • Licensing by the provincial or territorial governing body for accountants and auditors practising public accounting

People who have not obtained a CPA designation, but who work in unregulated financial positions may need a bachelor’s degree in accounting or accounting science, a university certificate in accounting or administration, or a diploma of collegial studies (DEC) in accounting and management technology. Other requirements may include:

  • A great deal of experience in the related occupations of accounting clerk or bookkeeper
  • An understanding of Excel and standard accounting software programs

If a person chooses not to go for the CPA designation, the CPA has an Advanced Certificate in Accounting and Finance (ACAF) that can help them be eligible for mid-level accounting jobs.

Financial auditors and accountants who are certified for that occupation by a regulator elsewhere in Canada can apply for the same certification from the regulator in B.C. Under the terms of the Canadian Free Trade Agreement (CFTA), most applicants who are transferring their credentials from elsewhere in Canada will not be required to complete additional training or testing. However, the B.C. regulator may ask applicants to provide further information such as a letter of good standing, references, or criminal record check.

For those who trained outside of Canada and never received certification from any Canadian jurisdiction, a full assessment is likely needed. Most occupational regulators have a process for assessment and recognize internationally trained applicants.

Contact the Chartered Professional Accountants of British Columbia (CPABC) for details on how to apply for certification in B.C.

For information about labour mobility in Canada, visit www.workersmobility.ca.

View a list of Professional Regulatory Authorities in B.C.

Education programs in B.C.

The following program areas are related to this occupation:

  • Accounting
  • Business Administration/Management/Commerce
  • Finance
  • International Business
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Find out more information about programs offered specifically for this career.

Skills

Every job calls for a certain set of skills. Knowing those skills is the first step in finding a good career fit.

Here, you will find the 10 most relevant workplace skills. Some are more important to achieving success in a certain career than others. These skills may come naturally to you or you may need to gain them through education, training and experience.

See the list of work-related skills below, ranked in order of importance for this career. Check out the list and see if this career matches your skills—take that first step!

Active Listening

Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.

74%
Reading Comprehension

Understanding written sentences and paragraphs in work-related documents.

72%
Critical Thinking

Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

67%
Speaking

Talking to others to share information effectively.

65%
Numeracy

Using mathematics to solve problems.

63%
Writing

Communicating effectively in writing as appropriate for the needs of the audience.

60%
Complex Problem Solving

Being able to solve novel, ill-defined problems in complex, real-world settings.

60%
Judgment and Decision-Making

Considering the relative costs and benefits of potential actions to choose the most appropriate one.

59%
Active Learning

Understanding how new information could be used to solve current and future problems in making decisions.

55%
Monitoring

Keeping track of and assessing your performance, other individuals, or organizations to make improvements or take corrective action.

53%

Labour Market Statistics

Discover data, facts and information that have been gathered and analyzed. Learn about the characteristics of the economy and labour market in B.C.

Employment

Find out about employment types and trends by region and industry.

Employment

27,300
Source: 2016 Census

Employment by Region

Map of BC Map of Cariboo region Map of Kootenay region Map of Mainland/Southwest region Map of North Coast and Nechako region Map of Northeast region Map of Thompson-Okanagan region Map of Vancouver Island/Coast region
Cariboo
Kootenay
Mainland/Southwest
North Coast and Nechako
Northeast
Thompson-Okanagan
Vancouver Island/Coast
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Region Employment (2022) % Employment of this Occupation
Cariboo 640 1.9%
Kootenay 420 1.5%
Mainland/Southwest 23,820 75.9%
North Coast and Nechako 150 0.7%
Northeast 180 0.7%
Thompson-Okanagan 2,290 8.0%
Vancouver Island/Coast 3,450 11.3%
Source: 2016 Census and B.C. Labour Market Outlook

Labour Market Outlook

The B.C. Labour Market Outlook is a 10-year forecast of the expected supply and demand for labour in the province. It’s usually updated every year. The purpose is to provide British Columbians with the knowledge to make informed decisions on careers, skills training, education and hiring.

Forecasted Job Openings (2022-2032)

11,620
Source: B.C. Labour Market Outlook

Forecasted Job Openings

Forecasted Employment Growth Rate

Composition of Job Openings

Source: B.C. Labour Market Outlook

Job Openings by Region (2022-2032)

Map of BC Map of Cariboo region Map of Kootenay region Map of Mainland/Southwest region Map of North Coast and Nechako region Map of Northeast region Map of Thompson-Okanagan region Map of Vancouver Island/Coast region
Cariboo
Kootenay
Mainland/Southwest
North Coast and Nechako
Northeast
Thompson-Okanagan
Vancouver Island/Coast
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Region Job Openings Avg. Annual Employment Growth
Cariboo 150 0.2%
Kootenay 100 0.0%
Mainland/Southwest 9,070 1.4%
North Coast and Nechako 30 0.6%
Northeast 70 0.5%
Thompson-Okanagan 870 1.0%
Vancouver Island/Coast 1,310 1.1%
Source: B.C. Labour Market Outlook

Industry Highlights

Learn about the opportunities in B.C.'s major industries, including employment trends, earning potential, locations of work and more.

Forecasted Job Openings by Industry

IndustryJob Openings (2022-2032)
Professional, Scientific and Technical Services148,000
Finance, insurance and real estate50,900
Public Administration49,200
Manufacturing49,200
Wholesale Trade33,100
For additional industry information, visit the Industry Profiles page.
Source: 2016 Census and B.C. Labour Market Outlook

Insights from Industry

Technology has changed the accounting profession. As more accounting functions become automated, auditors and accountants can spend more time understanding financial information and creating management strategies. In addition, things like blockchain, cryptocurrency and other changing areas of focus require people in this career to continue to learn both through formal training and by keeping up to date through media, lectures and industry conferences.

The role of an accountant is expanding and as a result, people in this profession are taking on new responsibilities, such as:

  • Financial strategy development
  • Financing leadership and support
  • Creating financial systems to support the strategic direction of an organization
  • Financial information analysis
  • Environmental safety assessments
  • Computer system audits
  • Corporate restructuring

Many of the higher-level roles are better suited to Chartered Professional Accountants rather than undesignated accountants. More and more, financial auditors work with systems, rather than the data itself, to make sure that the systems work and that the data is kept confidential. In the past, this role was limited to financial auditing, but in today’s world, their duties are growing, and financial auditors are being asked to create company-wide financial plans.

Accountants may be asked to give their opinions on the security of the company’s financial information, its financial health or how well its systems work. In addition, they may be asked to review and show any potential risks to the company’s financial health.

Some employers may want to hire financial auditors or accountants that have skills that are not specific to financial work. This could include being able to work in diverse groups and to present ideas to others. A person in this role might also need to have public speaking or leadership skills. They should also be able to actively listen to co-workers and clients, and to connect with clients and to help build professional relationships.

In many cases, professional accountants in Canada follow international standards of practice. With the increase in trade between Canada and other countries, new opportunities are coming up for accountants and financial auditors who speak more than one language. More employers want accountants and auditors with international experience and knowledge, including how to handle foreign exchange management and sales tax issues.

Resources