I assume the "set of specifications" is normally provided via some sort of project tracking software like Jira. A problem with this is these specifications get lost in history, not to mention become outdated as the features evolve.
From my experience having well a documented code base allows you to understand decisions at a later date, especially when key members have left the company.
Re:Formally Specifying UIs (2018)
by lazyasciiart on Thursday February 28, 2019 @01:26AM
(#19269390)
Or the company switches to a new tracking tool and loses all the old data in the move.
Once that's done, there goes your formal specification. We know what we're doing, how we're going to do it and we can work on the impl.