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While auditing the payroll transactions of ABC Ltd, your audit senior discovered that fortnightly wage payments were being made to several employees who had left the company during the prior year. All of these payments were authorised by the senior payroll clerk, John Smith. Due to staff shortages, Smith has not had his work checked on a weekly basis, as is required by company policy. Discussions with John Smiths colleagues reveals that he has recently lost a large amount of money from an investment in a failed property investment company. He also recently failed to receive a promotion to the position of payroll manager due to excessive absences from work, which he claims were due to health issues. (a) What is the key account and assertion that is most at risk of misstatement as a result of this fraud? (1 mark for account and 1 mark for assertion) (b) What is John Smith's incentive to commit the fraud? Justify your answer. (1 mark) (c) Which factors give John Smith the opportunity to commit the fraud? Justify your answer. (1 mark) (d) Which factors allow John Smith to rationalise the fraud? Justify your answer. (1 mark) (e) List one piece of additional evidence that your audit team should collect to determine ifa fraud is actually taking place? Justify your answer. (1 mark)