Section C: Case Study 20 Marks Topic: Fraud Triangle Indian Twist Chicken is a fast-food restaurant located in Valelevu, Suva. Mr. Vikram is the finance manager and the other finance staff is Praneel, a fresh FNU graduate with a Diploma in Accounting. He assists Vikram in managing the accounting work. However. most of the accounting work is done by Mr. Vikram and only minor clerical work is given to Praneel. Lately, Vikram has been facing financial difficulties as he has taken out two loans to buy two houses just before Covid-19 crisis and as expected, he is struggling to make the payments. The owner of Twist Chicken is Mr. Jogi, who is a retired police officer and loves to cook spicy food. He started the eatery to pursue his passion for cooking. Jogi does not know much about accounting and finance and relies heavily on Vikram. On the other hand, Vikram has been working for the organization for more than 20 years. He has been applying for a pay rise for the last 5 years but due to increasing competition and slowing economy, Jogi has been unable to increase Vikram's pay. Required: i. List and explain the three elements of the fraud triangle. (6 marks) ii. Evaluate the risk of fraud within Indian Twist Chicken. Discuss the three elements of fraud triangle with regards to any restaurant employee. (6 marks) iti. Assume Vikram asked Praneel to write a cheque of $5,000 for payment to a supplier. However. Vikram has colluded with this supplier so that they can defraud the company. Prancel was unaware that Vikram would use the money for illegal purposes. Would Prancel be found guilty of assisting in the fraud? Explain your answer. (4 marks) iv. Vikram was later fired for committing fraud in the company. He was replaced by Alam Khan. Mr. Khan made this statement to Mr. Jogi "I will implement controls so strong, that all risks of error and frand will be eliminated." Evaluate the statement made by Mr. Ali. (4 marks)