1111 Financial auditors and accountants

Category: Business, finance and administration occupations

Major Group 11 : Professional occupations in business and finance

 

 

Financial auditors examine and analyze the accounting and financial records of individuals and establishments to ensure accuracy and compliance with established accounting standards and procedures. Accountants plan, organize and administer accounting systems for individuals and establishments. Articling students in accounting firms are included in this unit group. Financial auditors and accountants are employed by auditing and accounting firms throughout the private and public sectors, or they may be self-employed.

Example Titles

accountant
certified general accountant (CGA)
certified management accountant (CMA)
chartered accountant (CA)
chief accountant
financial auditor
income tax expert
industrial accountant
internal auditor

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Main duties

Financial auditors perform some or all of the following duties:

• Examine and analyze journal and ledger entries, bank statements, inventories, expenditures, tax returns and other accounting and financial records, documents and systems of individuals, departments within organizations, businesses or other establishments to ensure financial recording accuracy and compliance with established accounting standards, procedures and internal controls

• Prepare detailed reports on audit findings and make recommendations to improve individual or establishment’s accounting and management practices

• Conduct field audits of businesses to ensure compliance with provisions of the Income Tax Act, Canadian Business Corporations Act or other statutory requirements

• May supervise other auditors or professionals in charge of accounting within client’s establishment.

Accountants perform some or all of the following duties:

• Plan, set up and administer accounting systems and prepare financial information for individuals, departments within organizations, businesses and other establishments

• Examine accounting records and prepare financial statements and reports

• Develop and maintain cost finding, reporting and internal control procedures

• Examine financial accounts and records and prepare income tax returns from accounting records

• Analyze financial statements and reports and provide financial, business and tax advice

• May act as a trustee in bankruptcy proceedings

• May supervise and train articling students, other accountants or administrative technicians.

 

Employment requirements

• Chartered accountants require a university degree
  and
  Completion of a professional training program approved by a provincial institute of chartered accountants and, depending on the province, either two years or 30 months of on-the-job training
  and
  Membership in a provincial Institute of Chartered Accountants upon successful completion of the Uniform Evaluation (UFE).

• Certified general accountants and certified management accountants require a university degree
  and
  Completion of a training program approved by the Society of Certified General Accountants or Society of Management Accountants and several years of on-the-job training
  and
  Certification by the Certified General Accountants Association or the Society of Management Accountants.

• Auditors require education, training and recognition as indicated for chartered accountants, certified general accountants or certified management accountants
  and
  Some experience as an accountant.

• Auditors may require recognition by the Institute of Internal Auditors.

• To act as a trustee in bankruptcy proceedings, auditors and accountants must hold a licence as a trustee in bankruptcy.

• Licensing by the provincial or territorial governing body is usually required for accountants and auditors practising public accounting.

Additional information

• There is limited mobility among the three professional accounting designations of chartered accountant (CA), certified general accountant (CGA) and certified management accountant (CMA).
• Progression to auditing or accounting management positions is possible with experience.

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