Information Risk is defined as:

• the risk that information circulated by a companys management will be false or misleading.

• the risk that an assertion contains a misstatement, before considering internal controls.

• the risk that auditor is has followed appropriate auditing standards and issued a standard unqualified opinion, and the financial statements contain a material misstatement.

• the risk that the internal controls will not prevent or detect a misstatement in the financial statements.