This course covers the important role of specialists in financial reporting and when their expertise is needed. It shows CPAs how to work with valuation, legal, actuarial, and tax specialists to support complex accounting estimates. The course starts by defining specialists, management’s responsibility to oversee their work, and how to communicate with auditors. It then reviews key transactions that often require specialist input, such as business combinations, goodwill impairment, fair value measurements, and asset retirement obligations. It also covers related topics like legal contingencies and share-based compensation. The focus is on evaluating specialist work, documenting judgments, and meeting auditor expectations to help CPAs manage complex accounting issues confidently.
Publication Date: April 2026
Topics Covered
- Specialist Defined
- Drivers Behind Specialist Use
- Assessing the Qualifications of a Specialist
- Common Types of Specialists in Accounting
- Defining Roles and Responsibilities
- Risks of Not Engaging a Specialist
- Misconceptions Related to Specialists
- Cost Considerations
- Process of Engaging a Specialist
- Management's Role in Evaluating Specialist Work
- Documentation Requirements
- Auditor Communication
- When the Auditor Engages a Specialist
- Business Combinations
- Goodwill
- Fair Value Measurements
- Asset Retirement Obligations
- Legal Contingencies
- Defined Benefit and Other Postretirement Plans
- Share-Based Compensation
- Uncertain Tax Positions and Valuation Allowances
Learning Objectives
- Identify when management should engage a specialist in financial reporting
- Recognize the common types of specialists used and their roles
- Explain management’s responsibility to review and oversee specialist work
- Evaluate the qualifications of a specialist and recognize risks of not engaging one
- Explain best practices for documenting specialist work and communicating with auditors
- Identify transactions that often require valuation or economic specialist input
- List key assumptions that impact valuations and financial measurements
- Recognize accounting areas where valuation reports are typically expected by auditors or regulators
- Explain how specialist expertise supports accurate reporting in complex transactions
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
None
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.