Accounting
A review engagement is a process in which a CPA performs a limited review of your financial statements (the numerical snapshot of your business) and confirms that they appear reliable, without conducting a full audit. It provides more assurance than a notice to reader, but less than a full audit (the most thorough type of audit).
Imagine you’re applying for a $200,000 loan: the bank wants more than just a simple cleanup of your numbers; it wants a professional to take a critical look at them. A review engagement often meets this need at a much lower cost than a full audit. In Quebec, only a CPA (an accountant regulated by the Ordre des CPA) can perform it. Choosing the right level (notice to reader, review, or audit) helps you avoid paying more than necessary while still satisfying your financial partners. Bankeo connects you for free with a vetted accountant/CPA to guide you, and we’re here to support you every step of the way.
To clarify the three levels: the notice to reader A review provides no assurance, a review engagement provides limited assurance, and an audit provides the highest level of assurance; the cost increases with each level. The review focuses on your financial statements and, in Quebec, only a CPA registered with the Order can sign it on behalf of third parties (source). Choosing the right level of review, often required for financing, saves you from paying for a full audit when the bank doesn’t require it. Bankeo connects you with a vetted accountant at no cost to help you decide, and we’re here to support you every step of the way.
It’s a “moderate” level of review of your financial statements. The CPA asks questions and performs a few checks, then concludes that your figures appear to be correct, without inspecting everything line by line as in an audit. Result: more reassuring than a simple compilation of numbers, less burdensome, and less expensive than an audit.
A review provides limited assurance and involves less extensive checks. An audit goes much further: it involves in-depth procedures, offers the highest level of assurance, and is more expensive. Both are performed by a CPA, but the choice depends on what your partners require.
It depends on what your bank or investors require. Only a CPA registered with the Order can perform a review or audit intended for third parties. Bankeo connects you, for free, with a vetted accountant/CPA who will guide you toward the right level, at no cost to the entrepreneur, and we’ll stay by your side every step of the way.
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