Which engagement you need
Compilation against review against audit
The three levels of financial statement engagement in Canada, what each provides, and which one a lender actually asked for. Compilation from $1,750.
Compilation and financial statements from $1,750+. Corporate year end and T2 from $2,500+. See starting fees. Amounts are starting prices plus 5% GST.
Calgary office · eligible remote work across Canada
Most businesses are quoted for more than they need
These three are often treated as grades of the same thing, cheap, better and best. They are not. They are different engagements providing different levels of assurance, and the right one is decided by whoever is going to rely on the statements rather than by preference.
A compilation presents information supplied by management and provides no assurance. A review provides limited assurance based mainly on enquiry and analysis. An audit provides reasonable assurance after substantive testing. If a lender asked for statements without naming a level, ask them. Buying an audit when a compilation satisfies the requirement is one of the more expensive mistakes a small business makes.
Before you call
What happens on the first call
The first conversation is free and takes about 10 to 15 minutes. A team member in Calgary answers, asks what is urgent, and explains the useful next step. There is no obligation to start an engagement.
- Step 1
Tell us the pressure point
A CRA letter, a filing deadline, messy books, payroll, or a decision you need to understand.
- Step 2
We ask a few practical questions
Entity type, province, records, software, and the date that matters. You do not need a perfect file first.
- Step 3
You leave with a next step
We explain the work, the information required, timing, and price before anything begins.
Ready now? Call +1 (587) 894-7451 or .
Fees
How we price the work
The first conversation is free. Starting fees are published on the fees page. Those amounts are starting prices and subject to 5% GST. Final fees depend on complexity, volume, record quality and scope. Fixed fees are provided where the engagement scope can be determined in advance. You will know the price before paid work starts.
Client feedback
What Calgary clients say
Husain Haroun, CPA, FCCA
Meet the founder who reviews the work“Working with HBT Accounting and the team was extremely efficient, thorough and professional.”
“HBT Accounting has a great team, as they have done all my annual taxes in professional way.”
“The team was helpful, easy to communicate with, and made everything stress free.”
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Tell us what you need help with and when suits you. We prepare the message and open your own email app so you can send it. Nothing is submitted to our servers.
Or email us directly: hbt@hbtaccounting.com
Service scope
How to decide which one applies
The exact responsibilities, timing, and records depend on the agreed engagement. These are the areas we can discuss when shaping a scope that fits your business.
Ask who will rely on it
A bank, a buyer, a regulator or a shareholder. Their requirement sets the level, not your preference.
Get the requirement in writing
Lenders often say financial statements when a compilation satisfies the covenant. Confirm before commissioning anything.
Match the cost to the need
Compilation and financial statements start at $1,750. The higher levels cost materially more for good reason.
Side by side
Three engagement levels compared
| Compared on | Compilation | Review | Audit |
|---|---|---|---|
| Assurance provided | CompilationNone | ReviewLimited | AuditReasonable |
| Main procedures | CompilationPresentation of information supplied by management | ReviewEnquiry and analysis | AuditSubstantive testing and verification |
| Practitioner concludes | CompilationNo conclusion | ReviewWhether anything suggests the statements are not plausible | AuditAn opinion on fair presentation |
| Usually requested by | CompilationOwner, or a lender with a modest facility | ReviewA lender or shareholder wanting comfort | AuditA regulator, a buyer, or a large lender |
| Relative cost | CompilationLowest, from $1,750 | ReviewHigher | AuditHighest |
How the work begins
A clear process before the accounting starts
- Step 1
Confirm the intended user
Who is asking, and what they actually require.
- Step 2
Scope the right engagement
Agreed in writing with responsibilities and limits stated.
- Step 3
Deliver and explain
The statements prepared and the level of assurance explained plainly.
Common question
What is the difference between a compilation, a review and an audit?
A compilation presents financial information supplied by management in statement form and provides no assurance. A review provides limited assurance, based mainly on enquiry and analytical procedures, and concludes whether anything came to the practitioner's attention suggesting the statements are not plausible. An audit provides reasonable assurance after substantive testing and third party verification, and results in an opinion. Cost rises accordingly, so the level should be set by whoever will rely on the statements.
Helpful guides
Read the details before your next conversation
Start with one clear question
Tell us what you need help understanding
Call or text HBT Accounting in Calgary, Alberta at +1 (587) 894-7451. We will ask a few practical questions and explain the most useful next step.
Mon–Fri 9am–6pm MT · Sat 9am–4pm MT. We reply to call requests and emails during business hours, usually the same day. If we are closed, send a call request and we will reply when the office opens.