Financial auditors analyse accounting and financial records to ensure that they are accurate and comply with accounting procedures and relevant legislation. Accountants manage accounting systems that organize financial information to meet the needs of a business, organization or individual. These professionals are employed throughout the private and public sectors by large and small companies as well as auditing and accounting firms, or they are self-employed. These professionals work with financial data. The auditors are responsible for reporting on others' work, while the accountants are responsible for preparing financial statements.
Auditors analyse financial records for accuracy to make sure they meet with established standards.
They conduct field audits to make sure records comply with legislation such as the Income Tax Act and the Canadian Business Corporations Act. They also prepare reports and recommend improvements to accounting and management practices. Accountants set up and maintain accounting systems and prepare financial statements and reports for individuals, departments and organizations. They develop internal control procedures for organizations and businesses and prepare income tax returns. They also analyze financial statements to provide financial, business and tax advice, and they act as trustee in cases of bankruptcy.