The Use of Specialists - What CPAs Need to Know
Author: Kelen Camehl
| CPE Credit: |
2 hours for CPAs |
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
