Review engagement

A review engagement is a process by which a professional accountant (CPA) moderately reviews your financial statements (the numerical portrait of your business) and confirms that they appear reliable, without performing a full audit. It provides more reassurance than a reader's notice, but less than a full audit (the most thorough verification).

Brief

A CPA (Chartered Professional Accountant) reviews your financial statements (the numerical portrait of the business).
He offers "limited assurance": he confirms that nothing is amiss at first glance, without checking everything in detail.
Intermediate level, between a reader's notice (no guarantee) and an audit (high guarantee)
Often required by banks before granting financing

Why does this matter?

Imagine you're applying for a $200,000 loan: the bank wants more than just a clean slate of your figures; it wants a professional to have taken a critical look. A review engagement often meets this need, at a much lower cost than a full audit. In Quebec, only a CPA (a chartered professional accountant registered with the Quebec CPA Order) can perform a review engagement. Choosing the right level (notice to reader, review, or audit) prevents you from paying for more than necessary while satisfying your financial partners. Bankeo will introduce you to a verified accountant/CPA free of charge to guide you, and we'll be there to support you every step of the way.

Frequently asked questions

What exactly is the review mission?

This is a "medium" level of audit of your financial statements. The CPA asks questions and performs some checks, then concludes that your figures appear correct, without inspecting everything line by line as in a full audit. The result: more reassuring than a simple compilation of figures, less cumbersome, and less expensive than a full audit.

What is the difference between a review engagement and an audit?

The review provides limited assurance, with less stringent controls. The audit goes much further: in-depth procedures, the highest level of assurance, and a higher cost. Both are conducted by a CPA, but we choose based on your partners' requirements.

What level do I need, and who can do it?

It depends on what your bank or investors require. Only a CPA registered with the professional body can conduct an exam or audit for third parties. Bankeo will introduce you to a verified accountant/CPA free of charge, guiding you to the right level, at no cost to the entrepreneur, and we'll be there to support you every step of the way.