Example Titles of 1111 Financial Auditors and Accountants:
- Certified general accountant (CGA)
- Certified management accountant (CMA)
- Chartered accountant (CA)
- Chief accountant
- Financial auditor
- Income tax expert
- Industrial accountant
- Internal auditor
Main duties of 1111 Financial Auditors and Accountants:
1. Financial auditors execute some or all of the following duties:
- Examine and analyze periodical and ledger entries, bank statements, inventories, expenditures, tax returns and further accounting and financial records, documents and systems of an entity, department, company or other establishment to make sure financial recording correctness and conformity with established accounting principles, procedures and internal controls.
- They set up detailed reports on audit findings and formulate recommendations to develop individual or establishment's accounting and management practices.
- Perform field audits of corporation to make certain the compliance with provisions of the Income Tax Act, Canadian Business Corporations Act or other constitutional requirements.
They may manage other auditors or professionals in charge of accounting inside client's establishment.
2. Accountants carry out some or all of the following duties:
- Plan, arrangement and administer accounting systems and organize financial information for an entity, department, company or other establishment.
- Look at accounting records and arrange financial statements and reports.
- Develop and keep cost finding, reporting and internal control procedures.
- Look at financial accounts and records and organize income tax returns from accounting records.
- Examine financial statements and reports and give financial, business and tax advice
Might act as a trustee in insolvency proceedings.
- May oversee and train articling students, other accountants or secretarial technicians.
Employment requirements for 1111 Financial Auditors and Accountants:
1. Chartered accountants need a university degree
Completion of a specialized training program accepted by a provincial institute of chartered accountants and, depending on the province, whichever two years or 30 months of on-the-job training
Association in a provincial Institute of Chartered Accountants upon victorious completion of the Uniform Evaluation (UFE).
2. Certified general accountants and certified management accountants need a university degree.
Completion of a training program approved by the Society of Certified General Accountants or Society of Management Accountants and quite a lot of years of on-the-job training
Official recognition by the Certified General Accountants Association or the Society of Management Accountants.
3. Auditors need education, training and recognition as pointed out for chartered accountants, qualified general accountants or qualified management accountants
Some experience as an accountant.
Auditors may need recognition by the Institute of Internal Auditors.
To act as a trustee in bankruptcy proceedings, auditors and accountants must hold a license as a trustee in bankruptcy.
Licensing by the provincial or territorial governing body is generally necessary for accountants and auditors practicing public accounting.
Additional information about 1111 Financial Auditors and Accountants:
- There is limited mobility amongst the three professional accounting designations (CA, CGA and CMA).
- Progression to auditing or accounting management positions is likely with experience.