My organization, which is in New Brunswick, Canada, is looking into
having a financial review done. A full audit is cost prohibitive, so
we are strongly considering getting a financial review statement done
by a CGA firm, which we've been told can be done for under $1000. 
However, I don't know exactly what we will get out of that $1000. 
Will we get nothing more than our Simply Accounting balance sheet and
a note on their letterhead confirming the review was done?  What do we
get on paper out of this review, if it's not an actual audit?

Hi tripcrip,

In Canada, there are three types of financial reports (I assume your
CGA firm is offering no. 2):

1. Notice to Reader
2. Review Engagement Report
3. Audit 

The Institute of Chartered Accountants of British Columbia has an
excellent guide which explains the difference between each along with
a sample of each report. I've copied and pasted some relevant
sections, but please click on the links for full details.

Understanding Reports:
AUDIT
Nature of involvement: Application of Canadian generally accepted
auditing standards in support of each significant financial statement
item
Report provided: Auditor?s report
Level of assurance: Reasonable assurance
REVIEW
Nature of involvement: Application of Canadian generally accepted
standards for review engagements (enquiry, analytical procedures, and
discussion with management)
Report provided: Review engagement report
Level of assurance: Plausibility
COMPILATION
Nature of involvement: Limited to compiling in the form of financial
statements of data provided by management
Report provided: Notice to reader
Level of assurance: Not false or misleading
http://www.ica.bc.ca/pdf/UnderstandingReportsBrochure.pdf

Service: Audit / Report: Auditor's Report
"The Auditor's Report provides the highest level of assurance to readers.
Incorporated businesses are legally required to present annual audited
financial statements to shareholders. The law allows some smaller
companies to waive an audit provided certain conditions are met.
An audit of financial statements by an independent expert may be
required for various reasons. For example, a company's banker may
require an audit to support an application for financing; an audit may
be necessary when negotiating the purchase or sale of a business; or
management or owners may find value in having an audit, particularly
when performed by a CA.
An auditor of a corporation is responsible to the shareholders. On
behalf of shareholders, an auditor examines the company's financial
records and operations to determine whether the information reported
in the financial statements is presented fairly. The CA communicates
this assessment to shareholders through the expression of the audit
opinion.
It is important to remember that, in the end, management is
responsible for the preparation and release of the financial
statements."
Below is sample of an unqualified Auditor's Report.
http://www.ppw.ca/reports.audit.aspx

Service: Review / Report: Review Engagement Report
"A review is not as extensive as an audit (but is more extensive than
a Notice to Reader report) and therefore, provides less assurance and
credibility to the financial statements.
A review consists primarily of enquiry, analytical procedures, and
discussion, and can be useful for companies not legally required to
file audited financial statements. This type of report when a company
doesn't need audited financial statements but is useful when a company
doesn't need audited financial statements but management or third
parties (e.g. banks, granting agencies etc.) want some assurance that
the financial statements are plausible.
A Chartered Accountant reviews financial statements in accordance with
established professional standards. If the CA discovers the financial
statements deviate from generally accepted accounting principles
(GAAP), this fact is disclosed in the review engagement report.
Plausibility is the guide for the CA preparing a review engagement
report. The CA accepts financial information from the client, and
applies generally accepted standards for review engagements to
determine the plausibility of the financial information. It must
appear plausible based on the CA's knowledge of the client's
operations and the industry, and based on the procedures performed by
the CA."
The following is a standard Review Engagement Report.
http://www.ppw.ca/reports.review.aspx

Service: Compilation / Report: Notice to Readers
A compilation engagement provides no assurance.
For this type of report, the CA compiles these financial statements on
behalf of management from information provided by the client. It is
not necessary to adhere to generally accepted accounting principles.
Sometimes estimated financial information is all the client needs
(e.g. estimated retail inventories for monthly management statements).
Sometimes even incomplete information will suffice (e.g. some accrued
expenses may be overlooked for monthly management statements). Owners,
management, and any third party users agree there's no need for a
review engagement to determine plausibility, or an audit examination
to ensure fairness.
The CA's responsibility for a compilation is to "compile" financial
statements from information provided by management. The CA doesn't
attempt to test accuracy or completeness of information provided, or
to determine whether there are departures from generally accepted
accounting principles. No expression of assurance is contemplated in a
compilation engagement.
The following is an example of the Notice to Reader communication for
compilation engagements.
http://www.ppw.ca/reports.compilation.aspx

"A Notice to Reader Statement is the quickest and cheapest type of
financial review. When your accountant does a notice to reader, he or
she simply takes the numbers recorded by the company's current
bookkeeper, and puts them into a generic financial statement that
conforms to Canadian standards.
With a Review Engagement Report, which is more thorough and reliable
than the Notice to Reader, your accountant will look for unusual
changes in profit and budget, as well as trends. ?The final result is
that we will give assurance to the reader that we did not find
anything wrong or very unusual,? says Miehls.
An Audit is your most comprehensive and expensive choice. At this
point the accountant is going over each number with a fine tooth comb.
However, in the end you can be completely confident that the
statements are correct. ?Because we're saying that the numbers, we
feel, are correct we have to do a lot more work with regards to
understanding the systems in place.?
For a small business that is earning under a million dollars in sales,
Miehls doesn't recommend an audit because it can be very expensive. ?A
Notice to Reader shouldn't be relied on. With a review at least you've
looked for irregularities.?"
http://www.canadaone.com/tools/buy_a_biz/section2i.html

I was glad to find this for you. If you have any questions, please
post a clarification request *before* closing/rating my answer and
I'll be happy to reply.

Thank you,
hummer

Google Search Terms Used:

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Thanks for the prompt, thorough response.  Great!