Financial Statements & Compilation Engagements
Professionally prepared statements that banks accept, boards understand, and owners can actually use.
Financial statements with a CPA's name behind them
Whether it is a lender assessing your covenant, a board reviewing the year, or a potential buyer looking at your business, the credibility of your financial statements matters. Statements prepared by a CPA under professional standards carry weight that internally generated reports do not.
We prepare year-end financial statements and compilation engagements under CSRS 4200 — the Canadian standard that replaced the familiar “Notice to Reader.” For most owner-managed businesses, a compilation is exactly the level of service banks and the CRA expect, at a sensible cost.
What a compilation engagement involves
We take your year-end records, apply the adjustments needed to present them fairly on the agreed basis of accounting, and compile a balance sheet, income statement, and accompanying note. The engagement is performed under professional standards, documented properly, and issued with our compilation engagement report. Along the way, we discuss with you what the numbers say — because statements you understand are worth far more than statements you file away.
Who this service is for
- Corporations that need year-end statements for their T2 filing
- Businesses whose bank or lender requires compiled financial statements
- Owner-managed companies preparing for financing, growth, or eventual sale
- Not-for-profit organizations reporting to boards, members, or funders
- Businesses that want a clear, professional annual picture of performance
What's included
- Year-end adjustments and working paper preparation
- Compiled balance sheet and income statement
- Compilation engagement report under CSRS 4200
- Basis of accounting note and required disclosures
- Statements formatted for banks, lenders, and boards
- Plain-language review of results with you
- Coordination with your corporate T2 return
Common questions about financial statements & compilation engagements
What happened to “Notice to Reader” statements?
The Notice to Reader was replaced by the compilation engagement under standard CSRS 4200. The purpose is similar — professionally compiled statements without audit or review assurance — but the new standard adds a defined engagement process and a note describing the basis of accounting. Banks and the CRA have adopted the new form.
Do I need an audit, a review, or a compilation?
Most owner-managed businesses need only a compilation. Reviews and audits provide assurance and are typically required by specific lenders, investors, regulators, or funding agreements. We will tell you which level your circumstances actually require — and not sell you more than you need.
Will my bank accept compiled statements?
In most small business lending relationships, yes — compiled statements from a CPA are the standard expectation. If your lending agreement specifies review-level assurance, we will identify that early and help you plan accordingly.
Can you prepare statements for my not-for-profit?
Yes. We prepare financial statements for not-for-profit organizations and help treasurers and boards present them clearly to members and funders. If your funding agreements require assurance beyond a compilation, we will flag it and discuss options.
Let's put your finances in order.
Book a consultation and speak directly with a CPA about your situation — no obligation, no pressure, just a clear conversation about what you need.