Financial auditors and accountants (NOC 1111)

Accountants and financial auditors organize and analyze the financial records and transactions kept by individuals or businesses. Articling students in accounting firms are included in this unit group.

The professional designation for accountants in Canada is Chartered Professional Accountant (CPA). Established in 2012, the CPA designation brings together Certified Management Accountants (CMA), Chartered Accountants (CA), and Certified General Accountants (CGA). 

Accountants may also be non-designated if they have not earned a professional designation.
The duties performed by CPAs, financial auditors and non-designated accountants vary by specific occupation.

Special duties

Designated Accountants (CPAs):

• plan, set up and maintain accounting systems and prepare financial information for individuals, departments, companies and establishments
• examine accounting records, prepare financial statements and reports, and develop and maintain internal control policies and procedures
• examine financial accounts and records and prepare income tax returns, or analyze financial statements and reports and provide financial, business and tax advice
• project future earnings and cash requirements, assist or lead financing initiatives to secure bank or equity funding, and manage external relationships, including those with auditors and bankers
• act as trustees in bankruptcy proceedings
• supervise and train articling students, other accountants or administrative technicians
• help with enterprise resource planning (ERP) implementations

Financial auditors:

• specialize in auditing
• examine and analyze financial records and documents of individuals or businesses (such as journal and ledger entries, bank statements, inventories, expenditures and tax returns) to ensure accuracy and compliance with established accounting standards or hidden controls
• prepare detailed reports on audits and make recommendations on improvements to accounting and management practices
• conduct field audits of businesses to make sure they follow the Income Tax Act, Canadian Business Corporations Act and other legal requirements, including Generally Accepted Accounting Principles (GAAP)
• make changes associated with anti-money laundering or anti-terrorist legislation
• supervise other auditors or accounting professionals

Non-designated accountants:

• plan, set up and maintain accounting systems and prepare financial information for individuals, departments, companies and other establishments
• examine accounting records and prepare financial statements and reports, as well as develop and maintain internal control procedures
• prepare income tax returns from accounting records, analyze financial statements and reports, offer financial, business and tax advice, and provide bookkeeping services
• perform accounting-related duties

Non-designated accountants often face limitations in their practice, such as the inability to sign off on audits. A professional accounting designation can greatly improve the chances of being hired.

Government and larger businesses may employ their own accountants. Smaller businesses may hire an accountant from a private accounting firm.

These professionals typically work full time for one employer throughout the year, but small private companies may hire them for specified time periods as consultants.

This occupational group has a higher-than-average number of self-employed workers, who have greater flexibility in working hours.

Accountants and financial auditors are employed widely across industry and business. Their employment may be subject to general economic trends, although any accounting functions are required every year, which often makes these positions secure during short-term economic downturns.

Education, training & qualifications

In order to qualify for the Chartered Professional Accountants (CPA) designation, the individual must have a Canadian post-secondary degree or equivalent and meet additional professional requirements including:

• Completion of CPA prerequisites in the following areas:
  • Financial Accounting
  • Management Accounting
  • Taxation
  • Finance
  • Auditing
  • Economics
  • Business Law
  • Statistics
  • Information Systems
  • Strategic Management
• Applicants have the option of completing these courses through either a post-secondary institution of their choice, or through the CPA Prerequisite Education Program (CPA PREP).
• Completion of the CPA Professional Education Program (PEP), a modular program that provides candidates with greater flexibility and the ability to customize their training toward a specific industry or focus area. CPA PEP can be completed in 24 months of part-time study.
• Successful completion of the Common Final Examination (CFE)
• Completion of 30 months of practical experience, following CPA’s Practical Experience Requirements

For more information, visit www.goCPAbc.ca

Financial auditors and other public practitioners require education, training and recognition as indicated for CPAs. Other professional requirements may include:

• some experience as an accountant
• 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

Non-designated accountants 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 professional requirements may include:

• extensive experience in the related occupations of accounting clerk or bookkeeper
• familiarity with Excel and with standard accounting programs, such as Simply Accounting and QuickBooks

As of July 1, 2017 when the Canadian Free Trade Agreement (CFTA) came into force, you will not need significant additional training, experience, testing or assessment if your qualifications or certificates are recognized by a Canadian regulatory authority. This applies whether you were trained in Canada or internationally. Learn about labour mobility at www.workersmobility.ca. For information about labour mobility and foreign qualifications recognition, contact the B.C. regulator for your occupation.

Skills

• Clerical Ability
• Numerical Ability
• Detail-Oriented
• Finger Dexterity

View skills definitions

Education programs in B.C.

The following program areas are related to this occupation:

For more information about programs offered specifically for this career, visit EducationPlannerBC.

There is an increasing demand for part-time and contract workers, particularly at the lower and middle levels in Victoria. Careers in this occupational group are likely to remain largely in urban centres. Demand is likely to fluctuate in smaller, more remote communities.

Demand for tax, financial instrument, forensic accounting, bankruptcy and information experts is increasing, and demand for accountants specializing in a specific industrial sector may also be on the rise. There is currently a high demand for business accountants, comptrollers and chief financial officers in urban centres, particularly in Vancouver and Victoria.

As accounting functions becoming increasingly automated, auditors and accountants are able to spend more time on strategic financial management and interpretation and less time performing routine transactions. They must now accommodate “non-accounting” activities and the international standardization of practices. This has extended the accountant's role into areas such as financial strategy development, financing leadership and support, creating financial systems to support the strategic direction of the organization, financial information analysis, environmental safety assessments, computer system audits and corporate restructuring.

Financial auditors are increasingly involved with systems rather than data, verifying system reliability and data confidentiality. Their mandate has expanded from one of limited financial audit to a comprehensive, company-wide overview. The corporate role of financial auditors has become increasingly strategic and accountants are often expected to give opinions on operational security, organizational viability, accounting control effectiveness and risk assessment. Employers are also placing greater emphasis on transferable skills, such as the ability to work in diverse groups and to present ideas to others.

With the rise of trade opportunities between Canada, China and India, job opportunities are becoming increasingly available for accountants and financial auditors who are able to speak a foreign language. International experience and knowledge of issues such as foreign exchange management and sales tax issues are becoming standard requirements.