--- title: "Compilation or Review: Which Statements You Need | EverStone" url: https://www.everstonecpa.com/compilation-or-review-what-you-need description: "Compilation or review? Banks say “accountant-prepared statements” and mean different things. Ask who relies on them; that decides the assurance needed." type: service-or-info updated: 2026-10-02 summary: "The decision is not about your company’s size. It is about the reader. Statements for your own management and your T2: a compilation engagement . Statements a lender or outside party will rely on: whatever level of assurance that reader demands, and a review engagement is the common step up." faq_count: 4 publisher: EverStone CPA Inc., a Chartered Professional Accountant firm registered with CPA British Columbia and CPA Alberta service_area: British Columbia, Alberta, Ontario and Manitoba language: en-CA contact: info@everstonecpa.com · https://www.everstonecpa.com/book-online --- [Home](https://www.everstonecpa.com/) [Resources](https://www.everstonecpa.com/resources) Compilation or review Decisions # Compilation or review: which statements do you actually need? Updated 2 October 2026 **Quick answer:** The decision is not about your company’s size. It is about the reader. Statements for your own management and your T2: a [compilation engagement](https://www.everstonecpa.com/compilation-engagement-canada). Statements a lender or outside party will rely on: whatever level of assurance that reader demands, and a review engagement is the common step up. The expensive mistake in both directions is answering before asking the reader — paying for assurance nobody required, or arriving at the bank with less than the covenant specifies. If the reader is a lender and you are not sure what they will accept, [ask before you commission anything](https://www.everstonecpa.com/book-online?service=corporate-tax#enquiry-form): the wrong engagement gets paid for twice. What this covers, at a glance. ## The levels, in one paragraph each **A compilation engagement** is a CPA compiling your information into statements under professional standards, without assurance. It suits most owner-managed corporations most years; it suffices for the T2 and many lenders. See the [full guide](https://www.everstonecpa.com/compilation-engagement-canada). **A review engagement** adds limited assurance: the practitioner performs procedures sufficient to conclude nothing came to their attention suggesting the statements are materially misstated. More procedures, more cost, more weight with readers who bear risk on your numbers. **An audit** is the full assurance tier — rare for owner-managed companies unless a stakeholder requires it. ## The decision framework - **Who reads them?** Just you, the CRA, and a familiar lender → compilation, usually. A new lender, a bonding company, outside investors, a buyer in diligence → ask them what they require *in writing* before you engage anyone. - **What does the covenant say?** Loan agreements specify the statement level. The document answers the question. Read it before paying for either answer. - **What is coming?** A sale or major financing in the next couple of years can argue for stepping up early, so the track record exists when the reader arrives. ## Common in-between: the one-time step-up Companies often need a review once, for a financing or bonding threshold, then return to compilations; the level is per engagement. Agree the requirement with the reader first; we can help phrase that one email — [send us the situation](https://www.everstonecpa.com/quick-question). Whichever level you land on, the cost of it is set by how ready the file is, which is [a controller keeping the file ready](https://www.everstonecpa.com/contract-cfo). Once the level is settled and it is a review or an audit, the next question is [what readiness for that engagement involves](https://www.everstonecpa.com/audit-review-readiness). Once the level is settled, the work itself is [year-end statements at the level you actually need](https://www.everstonecpa.com/financial-statements-abbotsford). [Get My Fixed Quote](https://www.everstonecpa.com/book-online?service=corporate-tax#enquiry-form)[Ask a Free Question](https://www.everstonecpa.com/quick-question) Fastest first step: email what you’re facing to info@everstonecpa.com — reply within one business day, and we take it from there by email. General information, not tax advice. The document in your hand and its own dates govern. ## Common questions about compilation or review **My bank said “accountant-prepared”. Which level is that?** Ambiguous — banks use the phrase for anything from a compilation to a review. Ask the specific question: “do you require a review engagement, or is a compilation engagement acceptable?” and get the answer in writing. We can draft that email with you. [Ask about your case →](https://www.everstonecpa.com/quick-question) **Is a review just a more expensive compilation?** No — it is a different engagement with assurance attached, which changes the procedures, the practitioner’s obligations and what the reader may take from it. That difference is exactly what a risk-bearing reader is paying attention to. **Can you do a review if you have been doing our compilations?** Frequently yes — independence and standards questions get checked per engagement. Continuity of the same firm across levels is normal and usually helps, since the practitioner already knows the file. **What if I upgrade and the deal falls through?** The engagement stands on its own — the statements and their assurance exist and often get used with the next reader. But this scenario is why we ask about the reader before the engagement, not after. ## One email settles it Forward your lender or bonding requirement — we reply with the level it requires and a fixed quote for it. Email us — info@everstonecpa.com[Get My Fixed Quote](https://www.everstonecpa.com/book-online?service=corporate-tax#enquiry-form) ★★★★★ “…He is very knowledgeable and has saved me tons in taxes by restructuring my group of companies — the best accountant I've worked with in the last 10 years, after switching from three different firms.” Matt Hildebrandt · Google review ## Year-end statements [Ask an accountant: the questions we actually get](https://www.everstonecpa.com/ask) [Checklists print them, pin them, actually use them](https://www.everstonecpa.com/checklists) [Your personal return is under review. Owner-managers: read this first.](https://www.everstonecpa.com/cra-letter-t1-review) [Compilation engagements (CSRS 4200)](https://www.everstonecpa.com/compilation-engagement-canada) [Financial statement preparation](https://www.everstonecpa.com/financial-statement-preparation-canada) [Statements for lenders](https://www.everstonecpa.com/for-lenders) [Year-end hub Everything that happens at a corporate year-end](https://www.everstonecpa.com/year-end-hub) [Corporate tax hub T2 filing, deadlines and planning](https://www.everstonecpa.com/corporate-tax-hub) [Compilation or review engagement?](https://www.everstonecpa.com/compilation-vs-review-engagement) --- Source: https://www.everstonecpa.com/compilation-or-review-what-you-need Prices: https://www.everstonecpa.com/pricing · Contact: info@everstonecpa.com · https://www.everstonecpa.com/book-online