CONTACT (647) 298 – 1339 | Lstolberg@Lnsca.com

Accounting Review and Compilation Engagement Services for Business Owners

I provide accounting engagement services to business owners across Ontario, including both review engagements and compilation engagements. If you need financial statements prepared for a bank, a business partner, a regulatory body, or your own internal planning, I deliver work that meets professional standards and holds up to scrutiny. My practice also handles the tax side of these engagements, so your corporate filings and financial statements stay in sync.
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Specializing in Canadian & U.S. Cross Border Taxation for Individuals, Business Owners and Other Professional Advisors
Call : (647) 298-1339 for an Enquiry or an Appointment

Why Your Business Needs a Proper Accounting Engagement

Financial statements carry weight. Lenders rely on them when making credit decisions. Partners and shareholders use them to evaluate the health of the business. The CRA expects them to support your corporate tax return. When those statements are prepared through a formal accounting engagement, there is a defined scope, a professional standard behind the work, and a clear level of assurance attached to the result.

Without that structure, you are working with numbers that may satisfy no one when they matter most. A properly scoped engagement accounting process protects you, your business, and the people who depend on the information.

Types of Accounting Engagements I Offer

Business owners often hear the terms “review” and “compilation” without knowing what separates them or which one their situation calls for.
Here is how each works and when it applies.

Accounting Review Engagement

An accounting review engagement provides a limited level of assurance on your financial statements. I apply analytical procedures and make inquiries of management to assess whether the statements are plausible and consistent with the financial position of the business. The result is a set of financial statements accompanied by a review engagement report.

This level of engagement is typically requested when a bank or lender requires more than compiled statements but a full audit is not necessary. It is also common when a business partner, investor, or other third party needs some assurance that the financial picture has been examined by an independent CPA.

If your lender has asked for “reviewed financial statements,” this is the engagement you need.

Accounting Compilation Engagement

An accounting compilation engagement involves preparing financial statements based on information provided by management. I organize, classify, and summarize the financial data into proper statement format. No assurance is expressed on the statements, but they are prepared by a CPA in accordance with professional standards.

Compilation engagements are common for smaller businesses that need formal financial statements for tax filing, internal use, or basic third-party reporting. They are also appropriate when the business keeps its own books and needs a CPA to compile the year-end statements and prepare the associated tax returns.

If you need clean, properly formatted financial statements without the cost of a review or audit, a compilation engagement is likely the right fit.

Tax Integration with Every Engagement

One thing that sets my practice apart is the tax component. I do not prepare your financial statements in isolation and hand them off to someone else for the tax work. I handle both. Your corporate tax return, any elections, and any cross-border considerations are built into the engagement from the start. For businesses operating across the Canadian-U.S. border, that integration matters. A financial statement prepared without regard for the tax implications on both sides can create problems that are expensive to fix after the fact.
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How the Engagement Works

I start with a conversation about your business, your current bookkeeping setup, and what you need the financial statements for. That tells me whether a review engagement or a compilation engagement is the right approach, and whether there are any tax issues to address at the same time.

From there, I outline the scope of work, the timeline, and the fees. Once we agree, I request the records and source documents I need and get to work. You receive draft statements for your review before anything is finalized.

For ongoing clients, the process gets faster each year because I already understand the business and the file history. Most compilation engagements are completed within two to four weeks of receiving complete records. Review engagements may take slightly longer depending on the procedures involved. Fees depend on the type of engagement, the size of the business, and the state of the records. I provide a clear estimate before work begins.

Frequently Asked Questions

What is the difference between a review engagement and a compilation engagement?

A review engagement provides limited assurance on the financial statements through analytical procedures and inquiries. A compilation engagement involves preparing the statements without providing any assurance. Reviews carry more weight with lenders and third parties; compilations are more cost-effective for basic compliance and internal needs.
It usually depends on who is asking for the statements. If a bank or lender has requested “reviewed financial statements,” you need a review engagement. If you need year-end statements for tax filing or internal use, a compilation is typically sufficient. I can help you determine the right approach during our initial conversation.
Yes. I handle both the financial statements and the associated tax filings as part of the same engagement. That keeps your numbers consistent and avoids coordination issues between separate practitioners.

That depends on your bookkeeping setup. At minimum, I need your general ledger, bank statements, and supporting documents for significant transactions. If your books are not up to date, we can discuss options for getting them in order before the engagement begins.

Most compilation engagements are done within two to four weeks of receiving complete records. Review engagements may take a bit longer depending on the procedures involved. I provide a timeline estimate before work starts.

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