Description
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.
Job Titles
- Auditors supervisor
- Financial auditor
- Income tax investigator
- Tax examiner
Main 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.
Workplaces
- Private sector accounting and auditing firms/departments
- Public sector accounting and auditing departments/units
- Self-employed
Skills
- Critical Thinking
- Decision Making
- Digital Literacy
- Evaluation
- Management of Financial Resources
Abilities
- Mathematical Reasoning
- Numerical Ability
- Categorization Flexibility
- Deductive Reasoning
- Fluency of Ideas
Personal Attributes
- Analytical Thinking
- Attention to Detail
- Active Learning
- Adaptability
- Collaboration
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Source: OaSIS
Employment Outlook
The employment outlook will be moderate for Financial auditors and accountants (11100) in Prince Edward Island for the 2022-2024 period.
The following factors contributed to this outlook:
- Employment growth will lead to a moderate number of new positions.
- A moderate number of positions will become available due to retirements.
- There are a small number of unemployed workers with recent experience in this occupation.
The demand for workers in this occupation is influenced by economic conditions and business activity. The Island economy is projected to moderate over the forecast period which may affect job opportunities to some degree. There are economic risk factors that may affect employment demand over the forecast period, such as elevated prices and high interest rates, which has put upward pressure on wages and operating costs. The availability of inexpensive and easy to use online tax software may impact the demand for this occupation to some degree.
These workers are employed across various industries, as in-house auditors and accountants, but are mostly employed in the depository credit intermediation, securities and commodity contracts intermediation and brokerages and payroll services subsector working for firms. Other key sectors are finance, insurance and public administration. This is due to the demand for accounting and auditing services from small businesses and individuals who do not necessarily need the services offered by larger firms. Some employers experience difficulty hiring accountants with professional designations. Some positions may become available as a result of the need to replace accountants who change jobs seeking career advancement. As the economy expands, opportunities may occur for people who wish to operate their own accounting practice.
Most businesses use accounting and auditing software to increase efficiencies, simplify the transaction processes and allow for better information flow. This allows them to develop remote accounting systems or outsource to external accounting firms. The availability of inexpensive and easy to use tax software online may impact the demand for accountants. Professionals with experience in these systems and specific industries will have better job prospects.
Here are some key facts about Financial auditors and accountants in Prince Edward Island:
- Approximately 550 people work in this occupation.
- Financial auditors and accountants mainly work in the following sectors:
- Accounting, tax preparation, bookkeeping and payroll services (NAICS 5412): 35%
- Federal government public administration (NAICS 911): 20%
- Provincial and territorial public administration (NAICS 912): 8%
- Transportation equipment manufacturing (NAICS 336): 6%
- Food, beverage and tobacco product manufacturing (NAICS 311, 312): 6%
- The distribution of full-time and part-time workers in this occupation is:
- Full-time workers: 94% compared to 84% for all occupations
- Part-time workers: 6% compared to 16% for all occupations
- 81% of financial auditors and accountants work all year, while 19% work only part of the year, compared to 59% and 41% respectively among all occupations. Those who worked only part of the year did so for an average of 47 weeks compared to 41 weeks for all occupations.
- 14% of financial auditors and accountants are self-employed compared to an average of 13% for all occupations.
- The gender distribution of people in this occupation is:
- Men: 50% compared to 51% for all occupations
- Women: 50% compared to 49% for all occupations
- The educational attainment of workers in this occupation is:
- no high school diploma: n/a
- high school diploma or equivalent: less than 5% compared to 28% for all occupations
- apprenticeship or trades certificate or diploma: n/a
- college certificate or diploma or university certificate below bachelor’s: 17% compared to 25% for all occupations
- bachelor’s degree: 64% compared to 17% for all occupations
- university certificate, degree or diploma above bachelor level: 15% compared to 8% for all occupations
Source: Job Bank
Prevailing Wages
| AREA | LOW | MEDIAN | HIGH |
|---|---|---|---|
| PEI | $26.44 | $38.46 | $59.08 |
| Canada | $23.08 | $38.46 | $64.29 |
Training
There are no known training programs for this occupation in PEI. If you are aware of a local training program, please contact us.
There are currently no job listings for this occupation on WorkPEI.