AGENCY Definition

AGENCY is the relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions.

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PURCHASE AND LEASEBACK see SALE AND LEASEBACK.

LITIGATION RISK is an assessment of the likelihood or probability that legal action may be taken, e.g. auditors may encounter an unacceptable level of litigation risk on an assignment where the client has possibly been involved with fraudulent financial reporting.

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