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

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. 

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