The Notice to Reader was retired. For financial information for periods ending on or after December 14, 2021, Canadian accountants compile statements under CSRS 4200, Compilation Engagements, and attach a compilation engagement report instead. It still provides no assurance, but the statements must now describe their basis of accounting.
What changed
CSRS 4200 replaced two pieces of the CPA Canada Handbook: Section 9200, Compilation Engagements, and Guideline AuG-5. Early application was allowed. The visible differences for a business owner are:
- A different report. The one-paragraph “Notice to Reader” was replaced by a compilation engagement report. It describes what the accountant did and the responsibilities of management and the accountant.
- A basis-of-accounting note. The compiled statements must include a note describing the basis of accounting applied. A reader can now see whether the statements are on ASPE, a cash basis, a tax basis or something else.
- More explicit work requirements. The accountant must, for example, obtain management’s acknowledgement of its responsibilities and must not be associated with information they believe is false or misleading.
- Scope. Some engagements that sat under Section 9200 fall outside CSRS 4200.
If a lender or landlord asks you for “Notice to Reader statements”, they almost always mean compiled statements. Send your most recent compilation and do not worry about the wording.
What did not change
A compilation still gives no assurance. The accountant does not audit or review the figures, and nothing in the report says they are correct. If someone relying on your statements needs assurance, they need a review or an audit. How the three compare.
Questions people ask
Is Notice to Reader still used in Canada?
Not for periods ending on or after December 14, 2021. The Notice to Reader under Section 9200 was replaced by CSRS 4200, Compilation Engagements, which uses a compilation engagement report instead.
What is the difference between Notice to Reader and a compilation engagement?
Both give no assurance. Under CSRS 4200 the compiled information must include a note describing the basis of accounting, the report sets out management’s and the accountant’s responsibilities, and the standard sets more explicit requirements for the accountant’s work, such as acknowledgement of management’s responsibility and not being associated with misleading information.
Sources
- IAS Plus (Deloitte), summarising the CPA Canada Handbook, CSRS 4200, Compilation Engagements. Read 25 October 2026.
- CPA Alberta, Compilation Engagements — Overview of the New Standard (CSRS 4200). Read 25 October 2026.