États financiers

They differ in the level of assurance the accountant provides. A Compilation (formerly called "Notice-to-Reader," now formally a Compilation Engagement under CSRS 4200) involves the accountant arranging your information into financial statement format with no assurance: they don't verify, just compile. A Review engagement provides limited assurance: the accountant performs analytical procedures and inquiries to conclude that nothing came to their attention suggesting the statements are misstated. An Audit provides the highest level of assurance: the accountant performs detailed testing, confirmations, and verification to express a positive opinion that the statements present fairly. Cost and timeline scale accordingly: compilations are quickest and cheapest; audits take weeks and cost the most.

It depends on the loan size and the bank's risk policy, but typical patterns are: small operating loans and lines under $250,000-$500,000 usually accept a Compilation; mid-size lending (roughly $500,000-$5M) often requires a Review engagement; larger credit facilities, syndicated loans, or covenants tied to financial metrics typically require an Audit. Some banks accept compiled statements with the borrower's personal guarantee for lower-risk profiles. The bank's commercial-credit policy or loan agreement will specify what level is acceptable. Always confirm before scoping the year-end engagement to avoid having to upgrade later.

Yes. The CRA does not require any specific assurance level for the financial statements attached to a T2 corporate return. You can file the T2 with compiled statements regardless of business size. The Schedule 100 and Schedule 125 information needs to reconcile to the financial statements, but compilations satisfy that requirement identically to reviews or audits. Banks, regulators, and shareholders are usually the parties demanding higher-assurance engagements, not the CRA. That said, if a corporation is being audited by the CRA, the underlying records (not the assurance level of the statements) are what matter.