This is an excerpt from the trial balance for Sinclair Pastoral Group (SPG). Performance materiality for the trial balance has been assessed as $4.15M for 2021, $4.2M for 2020 and $3.9M for 2019 at 70% with a moderate risk of material misstatement. Inherent risk has been assessed as moderate for these three accounts. Use the numbers listed in the first column of table to record your response in the answer box. 

(a) Discuss the control risk assessment for each account 

(b) Discuss how you would apply materiality to each account 

(c) Discuss the audit impact of the above assessments on each account;

(d) Provide an overall conclusion about the audit approach for this group of accounts No. 

Account Name 2019 $M's 2020 $M's 2021 $M's 

1  Cash and Cash Equivalents 7.36 17.69 13.53 

2  Trade receivables 18.76 9.40 12.77 

3  Trade & Other Payables 30.01 21.56 24.91