The Use of Specialists - What CPAs Need to Know (Course Id 2756)

• Who is this course for? 
  This course is intended for anyone needing Continuing Professional Education (CPE), especially CPAs and accountants involved in financial reporting.

• What is this course about or what problem does this course solve?
  The course addresses how and when CPAs should use specialists to support complex accounting estimates and financial reporting requirements.

• How can the knowledge from this course be used?
  Learners can apply the knowledge to identify appropriate situations for involving specialists, evaluate their qualifications, oversee their work, and document findings in alignment with auditor expectations.

• Why is this course important to a CPA or Accountant?
  This course is important because it equips CPAs and accountants with the skills to manage specialist-supported transactions confidently, ensuring compliance with GAAP and auditor standards.

• When is this course relevant or timely?
  This course is relevant whenever CPAs face complex accounting scenarios like business combinations or fair value measurements that may require specialist input, especially under evolving regulatory scrutiny.

• How is a course like this consumed or used?
  This self-study text-based course is consumed online through reading the material and passing a final exam with a score of 70% or better to earn CPE credit.

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. 

NASBA QAS - Text - NASBA Registry - 2756

Chapter 1
Understanding and Evaluating Specialist Work

• Identify when management should engage a specialist in financial reporting
• Recognize the common types of specialists used and their roles
• Understand 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

Chapter 2
Specialist-Supported Transactions in GAAP Accounting

• Identify transactions that often require valuation or economic specialist input
• Understand 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

Chapter 1 - Understanding and Evaluating Specialist Work

Learning Objectives

Chapter Overview

Introduction

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

Conclusion

Review Questions

Chapter 2 - Specialist-Supported Transactions in GAAP Accounting

Learning Objectives

Chapter Overview

Introduction

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

Conclusion

Review Questions

Glossary of Key Terms