Accountants and Financial Auditors

(NOC 1111)

in All Business, Finance, and Administration

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 Outlook

Good

Read more

  • Estimate Moderate growth employment change, 2017-2019
  • Estimate 525 openings due to growth and retirements, 2017-2019
  • Estimate Low rate of unemployment in 2016

Compared to: All Business, Finance, and Administration

  • Estimate Moderate growth employment change, 2017-2019
  • Estimate 6600 openings due to growth and retirements, 2017-2019
  • Estimate Low rate of unemployment in 2016

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)

Hourly Pay

$18.46

Minimum

$30.99

Median

$48.45

Maximum

Annual Pay

$10,340

Minimum

$40,057

Median

$93,890

Maximum

Compared to: All Business, Finance, and Administration

Hourly Pay

$13.00

Minimum

$21.03

Median

$35.90

Maximum

Annual Pay

$6,754

Minimum

$36,515

Median

$70,271

Maximum

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.

By the numbers

Quick look

5,520

employed in 2016

86.7%

employed full-time

10.1%

self employed

68.9%
Icons/female Created with Sketch.
31.1%
Icons/male Created with Sketch.
44.6

median age

Compared to: All Business, Finance, and Administration

63,775

employed in 2016

81.3%

employed full-time

6.6%

self employed

73.4%
Icons/female Created with Sketch.
26.6%
Icons/male Created with Sketch.
47.9

median age

Where will I likely work?

51.6%

Halifax

16.7%

Northern

12.3%

Cape Breton

10.3%

Southern

9.2%

Annapolis Valley

Compared to: All NS Occupations

47.0%

Halifax

15.6%

Northern

12.9%

Annapolis Valley

12.7%

Cape Breton

11.8%

Southern

Top Industries of Employment

35.4%

Health Care and Social Assistance

25.0%

Professional Business Services

9.0%

Public Administration

6.8%

Finance, Insurance, Real Estate & Leasing

4.2%

Retail Trade

What is the age of Employment?

24.6%

45-54

24.2%

35-44

23.5%

25-34

17.1%

55-64

7.3%

65+

3.3%

15-24

Compared to: All Business, Finance, and Administration

36.5%

45-54

28.0%

55-64

18.6%

35-44

10.7%

65+

6.0%

25-34

Top levels of education

37.8%

Bachelor's degree

$53,734 median annual income
33.4%

College certificate or diploma

$38,068 median annual income
7.4%

Trades certificate

$36,432 median annual income
6.3%

High school

$42,256 median annual income
6.1%

University advanced certificate or diploma

$59,380 median annual income

Compared to: All Business, Finance, and Administration

34.4%

College certificate or diploma

$33,837 median annual income
23.7%

High school

$30,074 median annual income
22.9%

Bachelor's degree

$39,473 median annual income
5.8%

Trades certificate

$32,871 median annual income
4.7%

Less than high school

$23,775 median annual income

Education & training

Accounting

This program is typically offered at the university level.

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.

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

Dalhousie University

Office of the Registrar

Halifax, NS B3H 4R2

(902) 494-2450

Mount Saint Vincent University

166 Bedford Highway

Halifax, NS B3M 2J6

(902) 457-6117

St. Francis Xavier University

PO Box 5000

Antigonish, NS B2G 2W5

(902) 867-2219

Saint Mary's University

923 Robie Street

Halifax, NS B3H 3C3

(902) 420-5400

Cape Breton University

PO Box 5300 1250 Grand Lake Road

Sydney, NS B1P 6L2

(888) 959-9995

Business/commerce - General

This program may be offered at the college, trades, or university level.

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.

Institutions providing this program

Dalhousie University

Office of the Registrar

Halifax, NS B3H 4R2

(902) 494-2450

University of King's College

6350 Coburg Road

Halifax, NS B3H 2A1

(902) 422-1271

Universite Sainte-Anne

Siège Social: 1695, Route 1

Pointe-de-l'Église, NS B0W 1M0

(902) 769-2114

Saint Mary's University

923 Robie Street

Halifax, NS B3H 3C3

(902) 420-5400

Cape Breton University

PO Box 5300 1250 Grand Lake Road

Sydney, NS B1P 6L2

(888) 959-9995

Finance - General

This program is typically offered at the college or university level.

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.

Institutions providing this program

Acadia University

15 University Avenue

Wolfville, NS B4P 2R6

(902) 542-2201

Dalhousie University

Office of the Registrar

Halifax, NS B3H 4R2

(902) 494-2450

Mount Saint Vincent University

166 Bedford Highway

Halifax, NS B3M 2J6

(902) 457-6117

St. Francis Xavier University

PO Box 5000

Antigonish, NS B2G 2W5

(902) 867-2219

Saint Mary's University

923 Robie Street

Halifax, NS B3H 3C3

(902) 420-5400

Cape Breton University

PO Box 5300 1250 Grand Lake Road

Sydney, NS B1P 6L2

(888) 959-9995

Nova Scotia Community College - Kingstec Campus

236 Belcher Street

Kentville, NS B4N 0A6

(902) 678-7341

Nova Scotia Community College - Waterfront Campus & Aviation Institute

80 Mawiomi Place

Dartmouth, NS B2Y 0A5

(902) 491-1100

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
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

Contacts

Institute of Internal Auditors, Maritime Chapter
PO Box 95, Halifax Station Central
Halifax, NS B3J 2M4
CPA Atlantic School of Business
Suite 1306, 2000 Barrington Street
Halifax, NS B3J 3K1
Tel: (902) 334-1176

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