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Trusted Review Engagement in Western Canada
Faber LLP delivers professional Review Engagements built on disciplined inquiry, analytical insight, and business realities of Western Canada.
Strengthen credibility and support strategic growth with a CPA firm trusted across Alberta and beyond.
“Professional skepticism is the heart of review. Without it, even accurate data loses meaning.”
-The Faber View
-The Faber View
Examine, Review, Assure: The Faber Way
The objective of a review engagement is to enable the practitioner to express a conclusion whether anything has come to their attention that causes them to believe the financial statements are not prepared, in all material respects, in accordance with the applicable financial reporting framework.
At Faber LLP we live by that standard. We probe, we question, we assess.
The Legal & Regulatory Framework for Review in Western Canada
In Western Canada, review engagements must adhere to standard CSRE 2400, effective for periods ending on or after December 14, 2017.
Your business in Western Canada must rely on the established framework.
The standard requires inquiry, analytical procedures and professional judgment. It prohibits undue reliance on management assumptions without investigation. Western Canada entities that use ASPE or IFRS frameworks can request a review when a lender, regulator or shareholder demands assurance.
At Faber LLP we ensure your review engagement complies fully with the CPA Canada Handbook, and with the independence requirements such as Rule 204 of the CPA Code of Professional Conduct. By doing so we protect both you and the users of your financial statements.
The Practical Significance of Review in Western Canada
| Practical Significance | Business Need | Why It Matters |
|---|---|---|
| What a Review Engagement Provides | Lender trust | Independent CPA conclusion |
| Improves approval chances | Investor confidence | Transparent reporting |
| Shows discipline and maturity | Internal insight | Analytical comparisons |
| Helps management detect issues early | Efficient process | Limited assurance procedures / Reduces cost compared to audits |
This table reflects the balanced value of a review. It reassures outsiders and sharpens internal decision making.
What We Do Step by Step
1
Planning Meeting
Define objectives, framework, and deadlines to align the engagement scope.
2
Inquiry with Management
Understand operations and judgment areas to gather key insights.
3
Analytical Procedures
Assess ratios, trends, and anomalies for early identification of risks.
4
Evaluation
Check whether evidence supports the financial statements accurately.
5
Issue Report
Deliver the Review Engagement Report with our independent conclusion.
6
Delivery of Insights
Provide recommendations to enhance financial accuracy, aligned with CSRE standards.
A Section of Pure Clarity: Who Benefits Most From Review Engagement
Business Owner
Gain confidence in financial health and internal controls.
Investors
Transparent and credible financial reporting.
Lenders
Independent validation to improve loan approval chances.
Management
Detect issues early and gain actionable insights.
Employees
Understand company stability and build trust.
Regulators
Ensure compliance and transparency in reporting.
The Human Value of an Independent Eye
Every business has blind spots. Familiarity hides them. Pressure minimizes them.
A review gives you a professional who is not immersed in daily operations.
An external CPA sees what insiders do not.
- Patterns become clearer.
- Risks become visible.
- Strengths become measurable.
This human element elevates the entire process.
At Faber LLP we treat your review as a conversation with your numbers, approached with precision and curiosity.
Comprehensive Review Engagement Solutions We Provide in Canada
Our review engagement solutions provide deeper clarity, independent assurance, and reliable insights that strengthen governance, enhance performance, and support informed decision-making across your organization.
1. Risk Assessment Reports
Identify financial and operational vulnerabilities, evaluate potential threats, and provide actionable insights that help strengthen your organization’s overall risk posture and decision-making confidence.
2. Review of Internal Controls
Assess the design and effectiveness of your internal processes, ensuring systems function reliably while safeguarding assets, improving efficiency, and reducing exposure to financial misstatements.
3. System Reliability Reports
Evaluate the dependability, accuracy, and resilience of key financial or operational systems to ensure consistent performance, secure data handling, and trustworthy organizational reporting.
4. Value for Money Reviews
Examine whether resources are allocated efficiently, operations deliver expected results, and expenditures align with strategic goals to maximize financial value and organizational performance.
5. Social and Environmental Reports
Review sustainability practices, social impact activities, and environmental compliance to ensure transparent reporting and responsible governance aligned with stakeholder expectations and regulatory standards.
Let’s Begin. Let the Facts Tell a Better Story
A review engagement makes your numbers speak with authority. It assures those who rely on your financials. It gives you a more complete picture of your business.
With Faber LLP, you receive assurance built on experience, inquiry and a strict adherence to Canadian standards. Trust your story. Strengthen your credibility. Move forward with clarity.
Review Engagement: Frequently Asked Questions
1. Is review engagement the same as an audit?
No. A review provides limited assurance and relies mostly on inquiries and analytical procedures rather than full testing of transactions.
2. Does a review guarantee there are no errors?
No guarantee. A review states that nothing has come to our attention that causes us to believe that financial statements are materially misstated. It’s not the same as the positive assurance of an audit.
3. What is the suitable framework for a review engagement?
For Canadian private enterprises, commonly used frameworks are ASPE (Accounting Standards for Private Enterprises) or IFRS (if applicable). The choice depends on your structure and stakeholders.
4. How soon should we start with a review engagement?
Ideally early in your fiscal year. Proper planning avoids last‐minute rushes and helps us align with your business calendar.
5. Who typically requests reviewed financial statements?
Lenders, investors, prospective partners and certain regulatory bodies often ask for reviewed statements to ensure your financial information has undergone independent scrutiny.
6. How long does a review engagement take?
Most reviews can be completed within a few weeks depending on the complexity of your business and how organized your financial records are.
7. Can a review engagement improve internal controls?
Yes. While not its primary purpose, a review often uncovers inconsistencies or process gaps that management can address to strengthen financial reporting.
8. Will a review engagement help with loan or financing applications?
Yes. Reviewed financial statements often strengthen your position with banks and lenders because they provide independent assurance that your numbers are reasonable and professionally evaluated.
9. Is a review engagement suitable for small businesses?
Yes. Small and medium firms often choose a review when they need credibility without the cost and depth of an audit.
10. Can a review engagement be upgraded to an audit later?
Yes. If stakeholders or circumstances require a higher level of assurance, a review can be transitioned to an audit using the information already gathered.
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P 780-432-5262
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