Financial auditors and accountants

National Occupational Classification (NOC): 11100

Fast Facts

  • Average Pay: N/A
  • Future Growth: N/A
  • Skill Level: N/A
  • Employment Size: N/A
  • Unemployment: N/A
  • Full-time Share: N/A

Sample Job Titles

  • Internal auditor
  • Accountant
  • Chartered professional accountant, chartered accountant (CPA, CA)
  • Chartered professional accountant, certified general accountant (CPA, CGA)
  • Chartered professional accountant, certified management accountant (CPA, CMA)
  • Financial auditor
  • Income tax expert
  • Accountant-controller
  • Cost accountant


What do financial auditors and accountants do?

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. They are employed by private sector accounting and auditing firms or departments and public sector accounting and auditing departments or units, or they may be self-employed. Articling students in accounting firms are included in this unit group.

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.

Source: National Occupational Classification (NOC) 2021, Employment and Social Development Canada

 

Financial auditor and accountants work in most subsectors (NAICS) in Newfoundland and Labrador, including:

  • 541   Professional, scientific and technical services
  • 911   Federal government public administration
  • 912   Provincial and territorial public administration
  • 221   Utilities
  • 211   Oil and gas extraction
  • 441   Motor vehicle and parts dealers
  • 212   Mining and quarrying (except oil and gas)
  • 236   Construction of buildings
  • 611   Educational services
  • 813  Religious, grant-making, civic, and professional and similar organizations

Source: Census 2021, Statistics Canada

 

Short and Long Term Occupational Projections

Short Term Projections for 2023-2025

The employment outlook will be moderate for financial auditors and accountants in Newfoundland and Labrador (rating of 3 out of 5) for the 2023-2025 period.

Source: Job Bank, Government of Canada

 

Long Term Projections for 2023-2032

The outlook for financial auditors and accountants is forecast to be tightening (rating of 2.7 out of 4) over the next several years, meaning new labour supply will be required to meet anticipated job openings.

Source: Department of Finance, Occupation Projections (Summer 2023)

 

Number of Job Postings in 2023

During 2023, there were 209 public job postings for this occupation, with the following distribution:

Avalon: 83% Western: 10%
Eastern: 1% Labrador: 3%
Central: 2% NL-unspecified: 0%

Source: Lightcast (note: data used in this analysis reflects new unique monthly postings which are totaled for the calendar year)



Who works as financial auditor and accountants in Newfoundland and Labrador?

During the reference week of May 2021, there were approximately 1,810 people working in this occupation in Newfoundland and Labrador. 45% of those employed were Male+ and 55% of those employed were Female+.

Here is the age group breakdown for this group of workers:

15 to 24 25 to 54 55 to 64 65+
5% 71% 15% 8%

Source: Census 2021, Statistics Canada

 

How much do financial auditors and accountants make?

Annual Earnings

The median employment income for all financial auditors and accountants in the reference year 2020 (1,870 workers in total, including those working part-time and full-time, as well as part-year and full-year) was $71,500.

Source: Census 2021, Statistics Canada

 

Hourly Earnings

Salary information for financial auditors and accountants in Newfoundland and Labrador is as follows:

Low ($/hour) Median ($/hour) High ($/hour)
Newfoundland and Labrador $20.00 $36.25 $56.56

 

The following low, median, and high wages are for Canada:

Low ($/hour) Median ($/hour) High ($/hour)
$23.08 $38.46 $64.29

Source: Job Bank, Government of Canada

 

Most Frequently Sought Skills from Job Postings (2023)

  • Accounting
  • Financial Statements
  • Auditing
  • Finance
  • Income Tax
  • Bookkeeping
  • Invoicing
  • Internal Controls
  • Accounts Payable
  • Financial Analysis

Source: Lightcast



What training is required?

  • Chartered professional accountants, chartered accountants (CPA, CA) 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).
  • Chartered professional accountants, certified general accountants (CPA, CGA) and chartered professional accountants, certified management accountants (CPA, CMA) require a university degree and completion of an approved training program and several years of on-the-job training and certification with a regulatory body is required in all provinces and territories.
  • Auditors require education, training and recognition as indicated for chartered professional accountants, chartered accountants (CPA, CA), chartered professional accountants, certified general accountants (CPA, CGA) or chartered professional accountants, certified management accountants (CPA, CMA) 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: Chartered professional accountant, chartered accountant (CPA, CA); Chartered professional accountant, certified general accountant (CPA, CGA), and Chartered professional accountant, certified management accountant (CPA, CMA).
  • Progression to auditing or accounting management positions is possible with experience.

Source: National Occupational Classification (NOC) 2021, Employment and Social Development Canada

* Find public and private education, training and skills development opportunities in Newfoundland and Labrador here.

 

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