Our Services

Review Engagements

Independent review services providing meaningful assurance on financial statements.

Overview

Meaningful Assurance Without the Scope of a Full Audit

A review engagement provides limited assurance on your financial statements. It is less extensive than an audit and consists primarily of inquiries and analytical procedures. Based on that work, we conclude whether anything has come to our attention that causes us to believe the financial statements are not prepared, in all material respects, in accordance with the applicable financial reporting framework.

Review engagements are commonly requested by banks and other stakeholders when some assurance is needed but a full audit is not required. Reviews are performed in accordance with Canadian Standard on Review Engagements (CSRE) 2400.

What a Review Typically Involves

Who It Is For

Businesses whose lenders, investors or other stakeholders require reviewed financial statements, or that want independent assurance on their financial reporting without the scope of a full audit. This includes:

Not-for-profit organizations and registered charities whose governing legislation, funders or members accept a review in place of an audit
Owner-managed businesses and corporations reporting to lenders or investors

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At a Glance

Level of assurance: Limited assurance
Standard: CSRE 2400
Report issued: Review engagement report
Best suited for: Businesses, not-for-profits and charities whose lenders, funders or stakeholders require reviewed statements
Service area: Ontario, Canada

Have a Question?

Email us to discuss your needs and how DV CPA Professional Corporation can help.

Working With DV CPA

Why Clients Work With DV CPA

Financial statement engagements are only as useful as the confidence others can place in them. We approach every engagement with care, independence and clear communication, so you know what to expect from start to finish.

Frequently Asked Questions

Review Engagement FAQs

Answers to common questions about reviewed financial statements.

Still Have Questions?

Email us and we will be glad to help with your accounting, assurance or tax questions.

What is a review engagement?

A review engagement provides limited assurance on financial statements. It is performed in accordance with Canadian Standard on Review Engagements (CSRE) 2400.

When is a review engagement appropriate?

A review is often appropriate when a lender or other stakeholder requires some assurance on your financial statements but does not require a full audit.

Can our not-for-profit or charity have a review instead of an audit?

In some cases, yes. Depending on your governing legislation, annual revenue, bylaws and funder requirements, a review engagement may be permitted in place of an audit. For example, under Ontario’s Not-for-Profit Corporations Act, 2010, some public benefit corporations, including charities, may choose a review engagement instead of an audit if their members approve it by extraordinary resolution and their annual revenue is within the applicable threshold. We can help you confirm what your organization requires.

Does a review include an audit opinion?

No. A review consists primarily of inquiry and analytical procedures. It results in a review engagement report with a conclusion, not an audit opinion.

Contact

Let's Talk About Your Accounting Needs

Tell us a little about your situation and the services you are interested in. Email is currently the best way to reach DV CPA Professional Corporation, and we will follow up to discuss how we can help.