Financial auditors and accountants
High opportunity occupation
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.
Job Titles
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.
Work Environment
# Workers Employed
28,770% Employed Full Time
74%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. In most cases, these roles will require a Chartered Professional Accountant (CPA) designation.
A 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:
Education, Training and Skills
Chartered Professional Accountants (CPAs) require a university degree (or equivalent work experience), completion of a training program approved by the provincial/territorial regulatory body, 24 to 30 months of on-the-job training (differs by province), and successful completion of summative examinations.
Certification with the Chartered Professional Accountants body is required in all provinces and territories. 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.bccpa.ca/become-a-cpa/.
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
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.
Top 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!
Understanding written sentences and paragraphs in work-related documents.
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.
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Talking to others to share information effectively.
Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Communicating effectively in writing as appropriate for the needs of the audience.
Being able to solve novel, ill-defined problems in complex, real-world settings.
Using mathematics to solve problems.
Understanding how new information could be used to solve current and future problems in making decisions.
Being aware of others’ reactions and understanding why they react as they do.
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
28,770Employment by Region
| Region | Employment | % Employment of this Occupation |
|---|---|---|
| Cariboo | 405 | 1.4% |
| Kootenay | 390 | 1.4% |
| Mainland/Southwest | 22,015 | 76.5% |
| North Coast and Nechako | 205 | 0.7% |
| Northeast | 105 | 0.4% |
| Thompson-Okanagan | 2,350 | 8.2% |
| Vancouver Island/Coast | 3,300 | 11.5% |
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 (2024-2034)
13,170Forecasted Job Openings
Forecasted Employment Growth Rate
Composition of Job Openings
Job Openings by Region (2024-2034)
| Region | Job Openings | Avg. Annual Employment Growth |
|---|---|---|
| Cariboo | 100 | -0.2% |
| Kootenay | 110 | 0.5% |
| Mainland/Southwest | 10,680 | 1.7% |
| North Coast and Nechako | 0 | -1.9% |
| Northeast | 10 | -1.3% |
| Thompson-Okanagan | 1,010 | 1.3% |
| Vancouver Island/Coast | 1,260 | 0.9% |
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
| Industry | Job Openings (2024-2034) |
|---|---|
| Professional, Scientific and Technical Services | 7,070 |
| Finance, Insurance and Real Estate | 1,110 |
| Public Administration | 960 |
| Manufacturing | 590 |
| Construction | 580 |
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
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Chartered Professional Accountants of British Columbiawww.bccpa.ca
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Chartered Professional Accountants of Canadawww.cpacanada.ca
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Financial Executives International (FEI) Canadawww.feicanada.org
Career Videos
Watch the video below to see what a day in the life of a chartered professional accountant is like.
Watch the video below to see what a day in the life of a chartered professional accountant is like.
