TQM Definition

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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.

CONSIGNMENT STOCK is vendor supplied stock that is only paid for when it is used. Consignment stock should change nothing except cash flow. Holding any more stock than is necessary is always inefficient whether it is consignment stock or not.

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