Notice to Reader Compilation Report Cost Calculator 2026
Your bank, landlord or lender has asked for CPA-prepared financial statements and given you a deadline. Build the exact fixed fee for a CSRS 4200 compilation engagement, see the bookkeeping cleanup it will need first, and find out whether the deadline is achievable.
all in, including HST
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Your Quote, Line by Line
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Deadline Check
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Points to Settle With the Person Asking
What to Do Next
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Disclaimer: All fees include HST and are quoted on an annual basis. The quote assumes a single corporation with a standard set of records and no consolidation. A compilation engagement under CSRS 4200 provides no assurance. We cannot issue a compilation engagement report where we know the statements will be used by a third party who cannot request further information from the entity, and the basis of accounting must be disclosed in a note. We provide compilation engagements only and do not perform review or audit engagements. Your final fee is confirmed in writing in the engagement letter before any work begins.
Notice to Reader Is Now a Compilation Engagement Report
If your bank asked for a Notice to Reader, they are asking for something that no longer exists by that name. Section 9200 was replaced by CSRS 4200, Compilation Engagements, for periods ending on or after 14 December 2021. The deliverable is now called a compilation engagement report, and it is a materially different document.
Everyone in the market still says Notice to Reader, including most lenders, so the words are used interchangeably. What matters is that the standard behind them changed, and the change added real work for the accountant, which is why some firms quietly repriced these engagements.
What CSRS 4200 Changed
| Requirement | Old Section 9200 | CSRS 4200 |
|---|---|---|
| Knowledge of the business | Not required | Required and documented |
| Basis of accounting note | Not required | Mandatory note describing how the statements were prepared |
| Third-party use | Not addressed | Cannot be issued if a third party cannot request further information |
| Engagement letter | Recommended | Required, with defined terms |
| Assurance provided | None | None |
| Independence required | No | No |
The third-party rule is the one that catches people. A compilation engagement report can be issued where the intended user can ask you for more information, which a bank reviewing a loan application can. It cannot be used where the statements are going to a user with no ability to ask questions. That is why the report itself now names who may use it and for what.
What It Costs
| Item | Fee |
|---|---|
| Compilation engagement, CSRS 4200, first year | $400 |
| Each additional year | $300 |
| Comparative figures | $150 |
| Bookkeeping cleanup, per account per year | $125 |
| Full-year bookkeeping, per account per year | $250 |
| Rush, delivery within five business days | $300 |
| Rush, delivery within ten business days | $150 |
Every fee includes HST and is confirmed in writing before any work starts. Where the statements are being prepared alongside the corporate tax return, the compilation is already covered inside the T2 fee, so please tell us if a return is due for the same year.
We Provide Compilation Engagements Only
Our practice performs compilation engagements under CSRS 4200. We do not perform review engagements under CSRE 2400 or audits under the Canadian Auditing Standards, and we will say so plainly rather than take on work outside our scope.
If your lender genuinely requires limited assurance or an audit, tell us and we will confirm what they are asking for and point you to a practitioner who provides it. In our experience most requests that arrive using the words reviewed or audited are satisfied by a compilation once the question is put to the lender in writing, so that is always the first thing to check.
Compilation, Review and Audit — the Difference
| Factor | Compilation | Review | Audit |
|---|---|---|---|
| Standard | CSRS 4200 | CSRE 2400 | Canadian Auditing Standards |
| Assurance given | None | Limited | Reasonable |
| Procedures performed | Compiled from your records | Inquiry and analytical procedures | Testing, confirmation, verification |
| Independence required | No | Yes | Yes |
| Typical turnaround | Five business days | Several weeks | Six weeks or more |
| Who usually asks for it | Banks, landlords, shareholders | Larger lenders, franchisors | Regulators, public funders |
| Provided by our firm | Yes, $400 per year | No, referred out | No, referred out |
Which One Does Your Lender Actually Need
Ask before you buy. The gap between a compilation and any assurance engagement is thousands of dollars and several weeks, and in our experience most requests that arrive saying audited statements turn out to accept a compilation once the question is put in writing.
| Who Is Asking | Usually Accepts | Ask Them This |
|---|---|---|
| Bank, operating line or term loan | Compilation | Will a CSRS 4200 compilation engagement report satisfy the covenant |
| CSBFL or government-backed lender | Compilation | Confirm in writing before the file goes to credit |
| Landlord or leasing company | Compilation | Whether internal statements plus the T2 would do |
| Buyer, investor or new shareholder | Sometimes assurance | What level of assurance the purchase agreement requires |
| CRA or a government agency | Neither, they need the return | Which specific document and schedule they want |
| Shareholder or internal use | Compilation | Whether a formal report is needed at all |
The CRA does not ask for a compilation report. The CRA needs the T2 return with the General Index of Financial Information, which is filed with the return. If a CRA letter appears to be asking for financial statements, it is almost always asking for support for specific figures in a return already filed, and buying a compilation report will not answer it.
The Basis of Accounting Note
Under CSRS 4200 the statements must include a note describing the basis of accounting used to prepare them. That is not accounting standards for private enterprises unless we say it is. Most small corporation compilations are prepared on a historical cost basis with specific policies for revenue, inventory and capital assets, and the note sets that out so the reader knows what they are looking at.
Lenders read that note. A compilation prepared on a cash basis, or one that omits a material liability, tells the credit officer something about the file before they reach the numbers.
What Drives the Price and the Timeline
- Bookkeeping condition: the single biggest variable. Statements cannot be compiled until the accounts reconcile.
- Number of years: lenders frequently ask for two or three, and each year is a separate engagement report.
- Comparative figures: the prior year column has to be prepared or carried forward on the same basis.
- Deadline: five business days is achievable on clean books and expensive on messy ones.
- Unusual balances: shareholder loans, related party balances and inventory need supporting detail before they can be presented.
What Is Not Included
- Any form of assurance: a compilation provides none, and the report says so
- Review and audit engagements: we do not provide them and will refer you where they are genuinely required
- Verification of your figures: we compile from the information you provide
- Corporate or personal tax returns: quoted separately unless bundled
- Cash flow forecasts or projections: lenders often want these too, and they are a separate engagement
- Consolidated statements: where a group of corporations has to be presented together
How payment works. Payment is by Interac e-Transfer to info@gondaliyacpa.ca. Auto-deposit is enabled, so the security question is Not Applicable. The fee is confirmed in the engagement letter before work begins and does not change unless the scope does. Full service detail is on our compilation report page.
Frequently Asked Questions
Common questions from owners whose lender has asked for CPA-prepared statements.
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Your Lender Has a Deadline. We Can Meet It.
Send us the year ends the lender wants and tell us what condition the books are in. We confirm the fixed fee in writing, tell you exactly which documents to send, and deliver the compilation engagement report within the turnaround shown above.