Symptoms
After deploying a process (a modification had been made) an "Item not found in collection error" was getting caught by workspace error logging every time a certain smartobject call was being made.
Diagnoses
The precise cause is unclear but given what has been seen in the past in that that error appears when there is some issue with nonexistent SMO methods it is most probably that the modification to the workflow was a change to the smartobject structure i.e. changing one of the methods.
Resolution
Visual studio was temporarily deployed and the smartobject reference event was remapped thereby ensuring that the live process was referencing the appropriate SMO.