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
Work Environment
- Indoors, environmentally controlled
- Close proximity to others
Physical Demands
- Sitting
Requirements
- 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 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.
- 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.
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
Similar Occupations
- Financial managers (10010)
- Accounting technicians and bookkeepers (12200)
- Natural and applied science policy researchers, consultants and program officers (41400)
- Economists and economic policy researchers and analysts (41401)
- Business development officers and market researchers and analysts (41402)
- Social policy researchers, consultants and program officers (41403)
- Health policy researchers, consultants and program officers (41404)
- Education policy researchers, consultants and program officers (41405)
- Recreation, sports and fitness policy researchers, consultants and program officers (41406)
- Program officers unique to government (41407)
- Other professional occupations in social science (41409)
Source: OaSIS
Employment Outlook
The employment outlook will be Good for financial auditors and accountants (NOC 11100) in Prince Edward Island for the 2025-2027 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.
Financial auditors and accountants work in nearly every industry, helping organizations manage their finances, ensure compliance, and make informed decisions. You’ll find them in banks, government departments, insurance companies, and accounting firms, as well as in sectors like healthcare, education, and technology. Many professionals in this field hold a Chartered Professional Accountant (CPA) designation, which is highly valued by employers.
Most organizations now use accounting software, cloud-based platforms, and data analytics tools to streamline financial tasks. This shift has made remote work and outsourcing more common. While basic tax software may reduce demand for routine services, accountants with experience in financial systems, industry regulations, and digital tools are in demand.
The demand for workers in this occupation is influenced by economic conditions and business activity. Prince Edward Island’s economy is projected to expand at a modest pace over the forecast horizon, constrained by slower population growth and ongoing trade uncertainties. Growth will be supported by strong export performance—particularly in processed foods and seafood, aerospace, pharmaceuticals, and chemicals—alongside sustained construction activity and a resilient tourism sector. Declining interest rates are expected to further support domestic spending and housing demand. However, the federal reduction in immigration targets has led to a marked decline in international arrivals, a slowdown that is anticipated to moderate consumer demand and labour force growth. Over the longer term, reduced immigration presents a key risk to the province’s economic outlook.
Here are some key facts about Financial auditors and accountants in Prince Edward Island:
- Approximately 600 people work in this occupation.
- Financial auditors and accountants mainly work in the following sectors:
- Accounting, tax preparation, bookkeeping and payroll services (NAICS 5412): 30%
- Federal government public administration (NAICS 911): 20%
- Provincial and territorial public administration (NAICS 912): 7%
- Paper manufacturing (NAICS 322): 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 | $24.10 | $40.00 | $61.25 |
| Canada | $25.00 | $40.36 | $71.43 |
Training
There are no known training programs for this occupation in PEI. If you are aware of a local training program, please contact us.
Certifications
You may need to get a certification and/or license from a regulatory body (or become registered as an apprentice) before you start working. Contact the regulatory authority below to learn about the certification and/or licensing process.
| Job Title | Regulatory Body |
|---|---|
| Chartered Professional Accountant | Chartered Professional Accountants of Prince Edward Island |