In the context of a forensic accounting engagement, the terms ...

[AEWBW]

In the context of a forensic accounting engagement, the terms method, tool, and technique can be used interchangeably.
 
  Indicate whether the statement is true or false

Question 2

Write a short note on observations.
 
  What will be an ideal response?

[janeli1]

Answer to Question 1

FALSE
Explanation: The terms method, tool, and technique are often used interchangeably in discussions of data analysis. However, in the context of a forensic accounting engagement, these terms have distinct meanings based on different functions.

Answer to Question 2

Observations are visual in nature. Site visits facilitate observations because they allow the opportunity to see the physical setting, such as the condition of the facilities, the layout, locations of individual workstations, and security infrastructure. Perhaps even more valuable are observations about people in these settings, including how they communicate, how specific tasks are performed, what accounting processes are employed, which internal controls are observed, how work flows, and what the overall mood and tone are. Creating a visual context for the various items of information gathered in the investigation allows the forensic accountant to connect the dots and further refine the working hypothesis. Thus, observations may produce evidence in and of themselves, or they may shed light on existing evidence or identify additional evidence to be obtained. Finally, observation is important because it is the means through which body language messages are received.

[AEWBW]

TYSM

[scikid]

Thanks for the timely response, appreciate it