There are various job options in the accounting field in Cape Town, the main two being, Auditing and Financial Management. We will be comparing these two options in commercial finance.
An auditor is assigned to a company to make sure that the business complies with the countries tax laws as well as review and check their financial records for accuracy. A Financial Manager’s duties are to manage the finances of an entity as well as providing financial advice and money management.
There are various routes to a career in accounting and finance, one can look at CA-SA, CIMA, ACCA, ICB and all undergraduate degrees from various universities. Read more on www.graduatesa.co.za
The differences between them will now be shown in the following ways:
Education
A financial manager is a Chartered Accountant with an Honours or similar degree. Before being appointed they must pass a two-part qualifying examination of SAICA, alongside a three-year work experience with a registered learning organization.
An Auditor usually only needs an undergraduate degree in accounting as the bare minimum.
Responsibility
The responsibilities of a Financial Manager and an Auditor are very similar in that they are both responsible for the accuracy and legality of the accounting practices of a company.
Financial Managers work is regulated by international accounting standards, whereas Auditors are regulated by auditing standards. They have the authority to make financial statements for a company and also present the financial performance of a company to its stakeholders.
Whereas an Auditor audits the financial statements of the Financial Manager and checks their accuracy.
What does this mean for Auditing jobs or Financial Manager jobs in South Africa?
The need for Financial Managers and Auditors has risen in the past 10 years, due to the growth of accounting jobs in the South African economy. The financial success of a company is dependent on the work of good Financial Managers and are a necessary requirement for most companies, whereas an Auditor is more of an addition rather than a necessity for companies.
Written by CA Financial Appointments – Identifying Exceptional Financial Talent
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