careers.novascotia.ca

Accountants and Financial Auditors

print
NOC:1111
Occupation:Accountants and Financial Auditors
Category:Business, Finance, and Administration

About the job

Nature of work:

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 group. Financial auditors and accountants are employed by auditing and accounting firms throughout the private and public sectors, or they may be self-employed.

Job 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.
Sample job titles:
  • accountant
  • auditor
  • bankruptcy trustee
  • certified general accountant (CGA)
  • certified management accountant (CMA)
  • chartered accountant (CA)
  • chartered professional accountant (CPA)
  • financial control officer
  • income tax specialist
  • public accountant
Skills:

To work in this field, you should have excellent organizational, analytical, and communication skills, both oral and written. Good judgment, integrity, and persistence are important. You must have an aptitude for mathematics and be capable of detailed and precise work. Business skills are essential. Knowledge of business and financial software is required.

Job requirements:
  • Chartered professional accountants require a university degree with specific subject area coverage and completion of the CPA Professional Education Program.
  • 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 practicing public accounting.
Other considerations:

Progression to auditing or accounting management positions is possible with experience.

Labour Market Information

Work Prospects:Good

The employment outlook over the next few years for this occupational group is “good”, which indicates the chances of a qualified individual finding work is better than average when compared to other occupations in Nova Scotia. This is a fairly large occupation in Nova Scotia so job opportunities occur fairly regularly. The number employed in this occupation is expected to grow moderately over the next few years, which will likely provide some additional opportunities for employment. With a large percent of workers being 55 years of age and older, retirements are expected to be a key contributor to employment opportunities over the coming years. Accountants and Financial Auditors most commonly work full-time hours. Furthermore, the jobs are typically permanent positions. Also, a fair portion of the workforce is self-employed, so having the option to "work for yourself" may appeal to some individuals’ interests/motivations.

The median employment income for 65% of Accountants and Financial Auditors who worked full-time, year-round in 2015 was $46,690. Across all occupations in Nova Scotia, 59% of those who worked full-time year round had a median employment income of $43,600.
(Source: 2016 Census)

OccupationEstimated employment in 2018Estimated change in employment between 2017 and 2019Estimated openings due to growth and retirements, 2017-2019Estimated rate of unemployment in 2018 Estimated hourly earnings in 2015 (learn more)Estimated annual earnings in 2015
Accountants and Financial Auditors5,520Moderate growth525Low
Minimum: $18.46
Median: $30.99
Maximum: $48.45
Minimum: $10,340
Median: $40,057
Maximum: $93,890
Occupations in Business, Finance, and Administration63,775Moderate growth6,600Low
Minimum: $13.00
Median: $21.03
Maximum: $35.90
Minimum: $6,754
Median: $36,515
Maximum: $70,271
Accountants and Financial AuditorsCompared to: Occupations in Business, Finance, and Administration
Percent employed full-time87%81%
Percent self-employed17%7%
Where will I likely work?
Area of EmploymentAccountants and Financial AuditorsCompared to: All NS Occupations
% EmployedMedian Annual Income% EmployedMedian Annual Income
Southern10%$37,25112%$30,581
Northern17%$48,94116%$33,660
Cape Breton12%$40,84113%$32,974
Halifax52%$61,29347%$41,209
Annapolis Valley9%$44,15413%$32,958
What are the workers like?
AgeAccountants and Financial AuditorsCompared to: All Business, Finance, and Administration
% Employed% Employed
15-243%x
25-3423%6%
35-4424%19%
45-5425%36%
55-6417%28%
65+7%11%
Median Age4548
GenderAccountants and Financial AuditorsCompared to: Occupations in Business, Finance, and Administration
% Employed% Employed
Female69%73%
Male31%27%
EducationAccountants and Financial AuditorsCompared to: All Business, Finance, and Administration
% EmployedMedian Annual Income% EmployedMedian Annual Income
Less than high schoolxx4.7%$23,775
High school6.3%$42,25623.7%$30,074
Trades certificate7.4%$36,4325.8%$32,871
College certificate or diploma33.4%$38,06834.4%$33,837
University certificate or diploma3.0%$39,5223.0%$35,053
Bachelor's degree37.8%$53,73422.9%$39,473
University advanced certificate or diploma6.1%$59,3801.7%$40,672
Master's degree0.2%$61,9843.6%$23,407
Doctorate5.7%x0.2%$48,614
Medicine, dentistry, veterinary, optometry0.2%x0.1%$41,688
Total100%100%
Wage Disclaimer

Hourly earnings data are from the Labour Force Survey by Statistics Canada. Data are not available for all occupations. Hourly earnings are calculated based on usual hours worked per week. This is how an annual salary, for instance, gets converted to an hourly rate. The data include full and part-time workers along with new and experienced workers. Self-employed workers are excluded.

Annual employment income data reported in the Work Prospects section, are from the 2011 National Household Survey by Statistics Canada. Much of the data (around 70%) came directly from tax records. The data relates to the year 2010 and includes total wages and salaries and net income from self-employment.

Sources

Employment Requirements & Contacts

Regulations:
Chartered Professional Accountant
Right to Title:This job is regulated in Nova Scotia. The job title is protected (you may not use this job title without a professional designation). Professional designation shows that the holder has met provincial requirements for the job. Employers may require professional designation, however, you do not need professional designation to legally work in this job.
Regulating body:
Chartered Professional Accountants of Nova Scotia
1871 Hollis Street, Suite 300
Halifax, NS B3J 0C3
(902) 425-7273
info@cpans.ca
Public Accountants
Right to Title and Practice:This job is regulated and the job title is protected in Nova Scotia (you may not use this job title without holding a provincial licence). A licence shows that the holder has met provincial requirements and is required to work in this job.
Regulating body:
Public Accountants Board of Nova Scotia
PO Box 8
Tatamagouche, NS B0K 1V0
info@pabns.com
Useful contacts:
Institute of Internal Auditors, Maritime Chapter
PO Box 95, Halifax Station Central
Halifax, NS B3J 2M4
iiamaritimechapter@outlook.com
CPA Atlantic School of Business
Suite 1306, 2000 Barrington Street
Halifax, NS B3J 3K1
Tel: (902) 334-1176
info@cpaatlantic.ca

Training Paths & Education

Program Name:Accounting
Education Level:This program is typically offered at the university level.
Program Description:
This instructional program class comprises any program that prepares individuals to practice the profession of accounting and to perform related business functions. These programs include courses in accounting principles and theory, financial accounting, managerial accounting, cost accounting, budget control, tax accounting, legal aspects of accounting, auditing, reporting procedures, statement analysis, planning and consulting, business information systems, accounting research methods, professional standards and ethics, and applications to specific for-profit, public, and non-profit organizations.
See all institutions providing this program+
CPA Atlantic School of Business Association
200 Barrington Street, Suite 1306
Halifax, NS B3J 3K1
(902) 334-1176
Acadia University
15 University Avenue
Wolfville, NS B4P 2R6
(902) 542-2201
agi@acadiau.ca
Dalhousie University
Office of the Registrar
Halifax, NS B3H 4R2
(902) 494-2450
admissions@dal.ca
Mount Saint Vincent University
166 Bedford Highway
Halifax, NS B3M 2J6
(902) 457-6117
admissions@msvu.ca
St. Francis Xavier University
PO Box 5000
Antigonish, NS B2G 2W5
(902) 867-2219
admit@stfx.ca
Saint Mary's University
923 Robie Street
Halifax, NS B3H 3C3
(902) 420-5400
admission.status@smu.ca
Cape Breton University
PO Box 5300 1250 Grand Lake Road
Sydney, NS B1P 6L2
(888) 959-9995
registrar@cbu.ca
Program Name:Business/commerce - General
Education Level:This program may be offered at the college, trades, or university level.
Program Description:
This instructional program class comprises any program that focuses on the general study of business, including the processes of interchanging goods and services (buying, selling and producing), business organization, and accounting as used in profit-making and non-profit public and private institutions and agencies. The program prepares individuals to apply business principles and techniques in various occupational settings.
See all institutions providing this program+
Dalhousie University
Office of the Registrar
Halifax, NS B3H 4R2
(902) 494-2450
admissions@dal.ca
University of King's College
6350 Coburg Road
Halifax, NS B3H 2A1
(902) 422-1271
admissions@ukings.ca
Universite Sainte-Anne
Siège Social: 1695, Route 1
Pointe-de-l'Église, NS B0W 1M0
(902) 769-2114
Blanche.Theriault@usainteanne.ca
Saint Mary's University
923 Robie Street
Halifax, NS B3H 3C3
(902) 420-5400
admission.status@smu.ca
Cape Breton University
PO Box 5300 1250 Grand Lake Road
Sydney, NS B1P 6L2
(888) 959-9995
registrar@cbu.ca
Program Name:Finance - General
Education Level:This program is typically offered at the college or university level.
Program Description:
This instructional program class comprises any program that generally prepares individuals to plan, manage, and analyse the financial and monetary aspects and performance of business enterprises, banking institutions, or other organizations. These programs include courses in principles of accounting; financial instruments; capital planning; funds acquisition; asset and debt management; budgeting; financial analysis; and investments and portfolio management.
See all institutions providing this program+
Acadia University
15 University Avenue
Wolfville, NS B4P 2R6
(902) 542-2201
agi@acadiau.ca
Dalhousie University
Office of the Registrar
Halifax, NS B3H 4R2
(902) 494-2450
admissions@dal.ca
Mount Saint Vincent University
166 Bedford Highway
Halifax, NS B3M 2J6
(902) 457-6117
admissions@msvu.ca
St. Francis Xavier University
PO Box 5000
Antigonish, NS B2G 2W5
(902) 867-2219
admit@stfx.ca
Saint Mary's University
923 Robie Street
Halifax, NS B3H 3C3
(902) 420-5400
admission.status@smu.ca
Cape Breton University
PO Box 5300 1250 Grand Lake Road
Sydney, NS B1P 6L2
(888) 959-9995
registrar@cbu.ca
Nova Scotia Community College - Kingstec Campus
236 Belcher Street
Kentville, NS B4N 0A6
(902) 678-7341
kingstec.info@nscc.ca
Nova Scotia Community College - Waterfront Campus & Aviation Institute
80 Mawiomi Place
Dartmouth, NS B2Y 0A5
(902) 491-1100
waterfront.info@nscc.ca
Additional resources: