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Depends on the specialist. SALT usually writes their own findings but I take ownership and polish it. With the others, I usually try to at least tee up a draft for them but sometimes if it’s super super technical they may help me out by sharing bullets or a starting point. Depends on how busy/in demand that specialist is and how well I know them. At the end of the day, the client will be calling me out if I don’t understand what I’m relaying to them from the specialists so I need at least a high level understanding of everything. Also, I try to be easy to work with so they pick up my calls when it’s urgent.
To my understanding, Deloitte does the former and KPMG, EY, and PwC do some form of the latter. KPMG has a dedicated SALT M&A team that takes ownership of those sections of the report. The other specialists you noted are not as involved usually, although there are exceptions. I think this is one of the few areas where the Big 4 differ from one another, so I’d be very interested to hear what others have to say on this topic as well.