As inherent risk arises when there need a higher degree of judgments, cash on hand are always more susceptible to theft or fraud by nature. So the cash account in the financial statement can be reasoned inherently risky. In the Woodside Petroleum Ltd’s statement of financial position the cash and cash equivalent for the year 2019 has increased to US$ 4058m which is 142.4% increase than the previous year, which cite the fact that company deals with the customers by cash more than credit payments, which always is very sensitive to fraud as cash can be easily diverted. As an auditor is a critical thinker, good amount of cash in the company balance sheet can be seen to inherently risky. INVENTORY ACCOUNT The inventory account is also very easy to manipulate the figures which make it risky. Especially the small number of inventories item includes the risk of evaluating the accounts as incorrect as the small items can be stole easily. The financial statement of this company shows an increase in the inventory by 13.5% which can be potential to inherent risk as more inventories in the company is easier to manipulate inventory account. So this inventory account can be also being reasoned to have an inherent risk for the auditor to assess. OPERATING REVENUE ACCOUNT The sales revenue account also possess the potential to high inherent risk for the company because the annual revenue of the company is the key factor for many investors to invest in the company and thus many sales revenue accounts are materially misstated to impress other external investors, shareholders and board of directors. It is a case of an intentional human error to record misstated revenue. RECEIVABLES ACCOUNT An element of inherent risk in receivable account that it can be misstated is related to the method of revenue recognition which is improper. Like recording of unreal transaction gives a false account receivables. Improper cutoffs also result in the incorrect amount records. As aforementioned that revenue misstatement is direct fraud for showing the company in good state and with revenue account being material, account receivables material misstatements arise along with improper revenue recognition. . Identify a key account and a key related assertion at risk of material misstatement based on the inherent risks you identify above in the question. (Note: Identify a key account and a key assertion for each of the four inherent risks identified in the above questions).