What does a control risk utilize?

A control risk primarily relates to financial information. It refers to the potential risk that errors, fraud, or other irregularities in financial reporting may not be prevented, detected, or corrected by an entity's internal controls. Control risks are commonly assessed and managed within the context of financial audits or internal control evaluations.

While health information, intellectual property, and personally identifiable information (PII) may also be subject to risks and require appropriate controls, they are not specifically associated with control risks. Health information is typically governed by regulations such as the Health Insurance Portability and Accountability Act (HIPAA), intellectual property is protected through legal mechanisms, and personally identifiable information (PII) is safeguarded to protect individuals' privacy. These areas may involve information security and privacy risks rather than control risks as commonly understood in the context of financial reporting.