Engaging with Specialists - Supporting Complex GAAP Estimates and Auditor ExpectationsCode: 27-ESGAAP

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Course Details

Pages: 64
Course Overview
This course focuses on the use of specialists in financial reporting and the accounting areas where their input is often necessary. It helps CPAs recognize when to engage valuation, legal, actuarial, or tax experts to support management’s assumptions in complex or high-risk areas. The course covers transactions such as business combinations, impairments, share-based compensation, and legal or environmental contingencies. It also explains how to evaluate a specialist’s work, document key judgments, and respond to auditor expectations. This course provides lasting insight into the intersection of technical accounting and expert input, helping professionals navigate complexity with confidence.

Learning Objectives
Upon completion of this chapter, you will be able to:
  •  Recognize circumstances where management may need to engage a specialist
  •  Differentiate between the types of specialists commonly used in financial reporting
  •  Identify the requirements with respect to evaluating a specialists qualifications
  •  Distinguish between management’s responsibilities and the specialist’s role
  •  Recognize accounting topics and transactions where specialist input is frequently applied
Category: Accounting

Recommended CPE Hours: 4

Level of knowledge: Overview

Prerequisite: General understanding of Accounting

Advanced Preparation: None
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