This course focuses on the use of specialists in financial reporting and the accounting areas where their input is often necessary. It helps CPAs recognize when to engage valuation, legal, actuarial, or tax experts to support management’s assumptions in complex or high-risk areas. The course covers transactions such as business combinations, impairments, share-based compensation, and legal or environmental contingencies. It also explains how to evaluate a specialist’s work, document key judgments, and respond to auditor expectations. This course provides lasting insight into the intersection of technical accounting and expert input, helping professionals navigate complexity with confidence.
Publication Date: April 2026
Topics Covered
- What is a Specialist?
- Drivers Behind Specialist Use
- Evaluating Specialist Qualifications
- Common Types of Specialists in Accounting
- Standards that Reference or Imply Specialist Use
- Roles and Responsibilities
- Risks of Not Engaging a Specialist
- Common Misconceptions
- Cost Considerations
- Engagement Process
- Business Combinations
- Goodwill
- Fair Value Measurements
- Asset Retirement Obligations
- Other Valuation Examples
- Legal Contingencies
- Environmental Liabilities
- Define Benefit and Other Postretirment Plans
- Share-Based Compensation
- Uncertain Tax Positions and Valuation Allowances
- Management's Role in Evaluating Specialist Work
- Documentation Expectations
- Communicating with Auditors About Specialists
- When the Auditor Engages a Specialist
- Common Pitfalls & Lesson Learned
Learning Objectives
- Recognize circumstances where management may need to engage a specialist
- Differentiate between the types of specialists commonly used in financial reporting
- Identify the requirements with respect to evaluating a specialists qualifications
- Distinguish between management’s responsibilities and the specialist’s role
- Recognize accounting topics and transactions where specialist input is frequently applied
- Recognize transactions that commonly require valuation specialist involvement
- Identify key valuation assumptions that affect the measurement of various financial reporting areas
- Identify accounting scenarios where use of a valuation report may be expected by auditors or regulators
- Identify circumstances where legal counsel input is necessary to assess loss contingencies
- Recognize the role of actuaries in measuring pension and postretirement benefit obligations
- Determine when the use of a valuation specialist is appropriate in share-based payment arrangements
- Recognize the importance of coordination between legal, tax, and accounting professionals
- Recognize management’s responsibility to evaluate the appropriateness of a specialist’s work
- Identify documentation practices that support the use of specialists in financial reporting
- Determine the types of inquiries auditors may make regarding management’s use of a specialist
- Recognize when and how auditors engage specialists
- Distinguish between acceptable and unacceptable reliance on third-party reports
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Accounting (4 hours)
Program Prerequisites
Basic understanding of GAAP
Advance Preparation
None
Instructor
Kelen Camehl
Kelen is a recognized author and reviewer of CPE courses and has authored over 145 courses (350 CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy".
Kelen has nearly 20 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Advisor with HP. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.