Financial Auditors and Accountants (NOC 1111)
Description
Financial accountants and 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 the financial affairs of 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.
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Example Titles
- accountant
- certified general accountant (CGA)
- certified management accountant (CMA)
- chartered accountant (CA)
- chief accountant
- inancial auditor
- income tax expert
- industrial accountant
- internal auditor
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Classified Elsewhere
- Bookkeepers (1231)
- Financial Managers (0111)
- Program or other non-financial auditors (in 416 Policy and Program Officers, Researchers and Consultants)
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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 an individual, department, company or other establishment 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 an individual, department, company or other establishment
- 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.
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Skills
Accountants and auditors should have the following skills and abilities:
Business skills:
- an interest in business and financial affairs,
- an interest in working with facts and figures, a desire for accuracy and organization,
- the ability to understand the legal environment and changes in regulations,
- an interest in keeping current with new accounting techniques.
Management skills:
- be able to think logically, follow rules and organized methods,
- analytical and problem-solving skills,
- ability to use computers to manage financial data,
- be able to handle the stress of working to deadlines.
Interpersonal skills:
- ability to work alone or as a member of a team,
- tactfulness in giving advice that may not be welcome,
- possess high ethical standards and integrity,
- ability to keep matters confidential.
Communication skills:
- ability to communicate technical matters to clients,
- ability to present detailed information and data verbally and in writing.
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Employment Requirements
Becoming an accountant involves both related post-secondary education and practical experience. Specific requirements vary depending on the professional designation:
- Chartered Accountants (CA) Certification with The Institute of Chartered Accountants of Manitoba involves the completion of a university bachelor's degree, including 12 prerequisite business courses, finding employment with an Approved Training Office, enrolling with the CA school of business, 3 years of work, and completion of the Uniform Evaluation Examination(UFE)
- Certified Management Accountants (CMA) Certification with Manitoba Society of Certified Management Accountants involves the completion of a university bachelor's degree with specified prerequisites, successful completion of the CMA entrance exam, completion of the CMA Strategic Leadership program while satisfying the practical experience requirement (minimum 24 months)
- Certified General Accountants (CGA) Certification with the Certified General Accountants Association of Manitoba involves the completion of a bachelor's degree, however, a bachelor's degree is not a prerequisite to enter the program. CGA has agreements with post-secondary institutionsthat allow students to study for the CGA designation while earning a bachelor's degree, completion of the academic requirements and practical work experience (approximately 2-3 years), and completion of the exit exam
- Students in accounting programs are generally employed in jobs that provide related work experience.
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Terms & Conditions
Financial accountants and auditors commonly work in an office environment. They may be required to travel frequently to work at their clients place of business, at other branches of the firm in which they work, or in government facilities. Financial accountants and auditors who are tax specialists often work extra hours during the income tax season, often entailing work after normal business hours, as well as on weekends. The majority are full-time (90%). Some financial auditors and accountants are self-employed (16%) and may work from their home.
Those with accounting designations; Chartered Accountant, (CA), Certified Management accountant (CMA) or Certified General Acountant (CGA) earn higher wages.
According to the Chartered Accountant Profession Compensation Survey (Manitoba 2007) the average compensation for a new CA is $52,197 and rises with each year of experience. Average compensation for CAs with five years post qualifying experience is $75,064 and $190,246 for those with 25-29 years post qualifying experience.
This occupational group includes articling students who start at approximately $30,000 annually.
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Earnings
$36,400 per annum - starting
$58,600 per annum - average
$95,700 per annum - high
Earnings are reviewed annually or more frequently if new information becomes available.
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Education / Training
- Students in certified accounting programs (Chartered Accountant, Certified Management Accountant, Certified General Accountant) enrol in these courses while employed.
- Business/commerce Degree and Diploma programs in Manitoba universities and colleges provide prerequisites or credits which can be transferred to certified accounting programs.
- The University of Manitoba offers a Bachelor of Commerce (4 years). Graduates are eligible to transfer credits to the Certified General Accountant, the Certified Management Accountant or the Chartered Accountancy programs.
- The University of Winnipeg offers a Bachelor of Arts in Administrative Studies (3 or 4 years)
- Brandon University offers a Bachelor of Business Administration (3 or 4 years)
- The Canadian Mennonite University offers a Bachelor of Arts in Business and Organizational Administration (3 or 4 years)
- Collège universitaire Saint Boniface offers Baccalauréat en administration des affaires (4 years)
- University College of the North offers a Diploma in Business Administration (2 years)
- Assiniboine Community College: Accounting and Finance Advanced Diploma (2-years, also by distance delivery); Business
- Administration Diploma (Accounting, Financial Services, Logistics Management, and General Specializations by distance delivery);
- Business Finance and Management Skills (Continuing Education)
- Red River College: ACCESS Business Administration Integrated Diploma (3 years); Business Administration Diploma (2 years); Business Administration Integrated Diploma (3 years)
- If you plan to enter the CGA program without a bachelor's degree, the following options are available to students to complete a degree concurrently with their professional CGA studies by distance education: Honours Bachelor of Commerce or Master in Business Administration, Laurentian University; Bachelor of Business Administration in Accounting and Information Technology, Southern Alberta Institute of Technology; Executive MBA for CGA's, Athabasca University
- Some high schools in Manitoba offer a program in Business Education.
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Career Paths
Entry into accounting (enrollment as an accounting student) may be directly from university or from jobs such as accounting clerk or payroll clerk.
Junior accountants often begin as auditors or specialists in one aspect of financial record-keeping. Accountants may specialize in various areas such as management information systems, small business, taxation, internal audit, or trustee in bankruptcy.
Experienced accountants may become managers and partners of public accounting firms. In industry, they can become controllers, treasurers, chief financial officers, and senior executives. In government, accountants may be employed as budget officers, internal auditors, accounting managers, information systems managers, or senior managers/executives.
There is limited mobility among the three professional accounting designations (CA, CGA and CMA).
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Outlook
Employment prospects for financial auditors and accountants are expected to be good in the 2010 - 2014 period. Employment in Manitoba in 2010 is estimated at 5,830.
The services of financial auditors and accountants are required by businesses in all sectors, regardless of economic conditions. Due to the increasing complexity of the global marketplace, businesses rely on auditors and accountants to deal with risk management, internal audit controls and financial laws and regulations related to international trade.
Competition for articling positions will be strong because of the number of qualified post-secondary graduates looking for training positions. Opportunities will be good for those with a strong financial analysis background, with taxation expertise, and with international experience. Regardless of specialty, accountants and auditors who have earned professional recognition through certification or licensure should have the best job prospects.
A proportionally larger share of employment is found in Winnipeg, reflecting the large number of jobs in the Professional, Scientific and Technical Services (36%) and Public Administration (13%), two industries concentrated within the provincial capital. Financial auditors and accountants are also well represented in the Manufacturing (8%) and Finance and Insurance (6%) sectors.
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Employment by Age Group
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Employment by Industry
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Employment by Region
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Employment by Gender
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Employment by Aboriginal Self-Identification
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Employment by Visible Minority
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Please Note - The source for above charts is the 2006 Census.
Professional Associations, Unions, and Regulatory Bodies...
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Other Related Information...
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