The Use of Specialists – What CPAs Need to Know ON DEMAND
Available Until
Your Desk
2.0 Credits
Member Price $58.00
Non-Member Price $67.00
Overview
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.
Highlights
Understanding and evaluating specialist work. Drivers behind specialist use. Assessing the qualifications of a specialist. Common types of specialists in accounting. Risks of not engaging a specialist. Process of engaging a specialist. Management’s role in evaluating specialist work. Specialist-supported transactions in GAAP accounting.
Prerequisites
None.
Designed For
CPAs, CEOs, CFOs, controllers, and other financial managers.
Objectives
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. 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.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Kelen Camehl, Western CPE
Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ 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 has also remained involved in CPA exam content development for nearly 10 years and has 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 over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX. Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment. 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.
Non-Member Price $67.00
Member Price $58.00