In Canada, the federal government groups and organizes occupations based on a National Occupational Classification (NOC) system. This alis occupation may not reflect the entire NOC group it is part of. Data for the NOC group can apply across multiple occupations.

The NOC system is updated every 5 years to reflect changes in the labour market. Government forms and labour market data may group and refer to an occupation differently, depending on the system used. Here is how this occupation has been classified over time:

• 2006 NOC: Financial Auditors (1111.1) 
• 2006 NOC-S: Financial Auditors and Accountants (B011) 
• 2011 NOC: Financial auditors and accountants (1111) 
• 2016 NOC: Financial auditors and accountants (1111) 

The difference between external and internal audits is that an external audit is a financial audit based on financial reports or statements, and is most often performed by accountants from outside the organization. In contrast, an internal audit is an independent, objective examination of how an organization operates. It includes observing, measuring, or analyzing an organization’s:

• Culture
• Internal controls
• Information systems
• Procedures
• Outputs

Internal auditors make sure an organization operates effectively. They collect and study data about the way the organization is managed to assess how well it self-governs. They:

• Identify risk areas and manage or reduce risk exposure
• Use current structures to ensure the organization is performing up to established standards
• Identify, report, monitor, and follow internal policies and procedures
• Ensure the organization complies with legislation and regulations
• Ensure the organization protects its own assets
• Takes part in identifying and lowering the risks from fraud

Internal auditors also:

• Suggest opportunities to improve operational effectiveness
• Recommend ways to improve the design and effectiveness of controls
• Make sure the right controls are in place to manage or mitigate identified risks
• Report findings and related action plans to management
• Recommend ways to improve
• Provide fraud awareness training

Internal auditors conduct audits before introducing new systems. They ensure new systems work as planned and older systems work as well as before, or better. They may advise systems project teams about risks and control-related issues. Some internal auditors hold coaching sessions with staff to improve operational effectiveness or reduce risk.

Some organizations lack the specialized expertise to perform internal audits. They may enter into outsourcing or co-sourcing arrangements to have outside auditors perform their internal audits.

In general, internal auditors work standard office hours. They may work overtime at year-end or to meet project deadlines.

Internal auditors may work at the offices they are auditing. This can mean travel across the city, the country, or the world. Or they might conduct some or all their work remotely.

Internal auditors work for:

• Medium and large private and public companies
• Federal, provincial, and municipal governments
• Financial institutions
• Not-for-profit organizations

Internal auditors get a good overview of an organization’s operations. They often audit most or all areas. They recommend changes to enhance the overall control environment to senior management. They have direct access to the board of directors through the audit committee. Prospects for advancement are good.

Industry Concentration

This section shows the industries where the majority of people in this occupation work. The data is based on the 2016 Census.

In Alberta, this occupation is part of 1 or more 2016 National Occupational Classification (NOC) groups.

In the 1111: Financial auditors and accountants occupational group, 78.0% of people work in:

• Professional, Scientific, and Technical Services
• Mining and Oil and Gas Extraction
• Public Administration
• Finance, Insurance, Real Estate, and Leasing
• Construction
• Manufacturing

Employment Outlook

Employment outlook is influenced by a wide variety of factors including:

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Employment Outlook

Employment outlook is influenced by a wide variety of factors. Learn how these factors can affect your career decisions.

• Time of year (for seasonal jobs)
• Location in Alberta
• Employment turnover (when people leave existing positions)
• Occupational growth (when new positions are created)
• Size of the occupation
• Trends and events that affect overall employment, especially in the industry or industries from the previous list

In Alberta, the 1111: Financial auditors and accountants occupational group is expected to have a below-average annual growth of 1.8% from 2019 to 2023. In addition to job openings created by employment turnover, 541 new positions are forecasted to be created within this occupational group each year.

Note
NOC groups often include several related occupations. Although there is labour market data for the larger NOC group, this occupation makes up only a part of that group. It means data for this occupation may be different than the data shown. For example, only some of the new positions to be created will be for this occupation. It also applies to other data for the NOC group such as number of people employed.

Source: Alberta Regional Occupational Demand Outlook

Employment turnover is expected to increase as members of the baby boom generation retire over the next few years.

Association of Certified Fraud Examiners (ACFE) website: www.acfe.com

Chartered Professional Accountants of Alberta (CPA Alberta) website: www.cpaalberta.ca

Information Systems Audit and Control Association (ISACA) website: www.isaca.org

Institute of Internal Auditors (IIA) Canada website: www.theiia.org

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