JOINT VENTURE Definition

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JOINT VENTURE is a venture by a partnership or conglomerate designed to share risk or expertise. See also VENTURE.

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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.

BROKER is an individual or firm that acts as an intermediary between a buyer and seller, usually charging a commission.

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