Eriksson has been named Manager of the Month for August after a successful return to club football and Richards has been named Player of the Month.
Eriksson said: "Micah deserves the award more than me. He has been absolutely fantastic.
"I don't suppose anyone could argue with him winning the award. How he is playing for us and for England at 19 is absolutely fantastic."
With Eriksson at the helm, City won three successive matches before losing to Arsenal.
He added: "I am honoured of course but I have to say thank you to the staff around me, the players and the new owner (Thaksin Shinawatra).
"He has come up with fresh money to buy new players and there is a lot of work being done here."