What does a Cost Accountant do?
A Cost Account completes a financial audit to verify all of the client’s financial records. They ensure the client has been compliant with Canadian tax laws such as the Income Tax Act or the Canadian Business Corporations Act, and are required to report any cases of non-compliance. They examine all of the detailed financial data that are relevant to the client’s tax filings. A Cost Accountant is also responsible for managing a team of junior accountants. They lead the team and work together with them to complete complex financial audits.
Cost Accountant skills and qualifications
A successful Cost Accountant will have certain skills and qualifications to perform this job well. Some of the most common skills include:
- Excellent analytical skills
- Strong organizational skills
- Exceptional knowledge of Canadian tax laws
- Excellent eye for detail
- Ability to work under pressure or under tight deadlines
- Good communication skills
- Excellent time management skills
- Strong reporting skills
Cost Accountant experience requirements
A successful Cost Account candidate will have experience working as an auditor under the supervision of an Accountant while earning their designation. They are usually expected to have at least five years of experience, but this may vary depending on the job requirements.
Cost Accountant education and training requirements
A Cost Accountant will hold a university degree in Accounting as well as a designation from the Institute of Chartered Accountants. Once a graduate has received their designation, they must also receive certification from the Society of Certified General Accountants, as well as the Institute of Internal Auditors. This certification is obtained after 24 to 30 months of on-the-job experience, under the supervision of an Accountant. If a Cost Accountant is required to act as a trustee in bankruptcy proceedings, they must also hold a license as a trustee in bankruptcy. A Cost Accountant must be recognized and certified by the regulatory body in their individual province, as well.
Cost Accountant salary expectations
According to Indeed Salaries, the average Cost Accountant salary in Canada is $68,463 per year. Salaries will vary based on geographical location, the type of industry, and the level of experience. A Cost Accountant in the public sector may also make a different salary compared to private sector employees.
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