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Unformatted text preview: As Internal Audit Staffs Shrink, Will Fraud Rise? A new study finds that compliance staffs haven't escaped layoffs, leaving companies more exposed to risk. Kate O'Sullivan , CFO.com | US December 10, 2009 Few corporate departments have been spared layoffs in recent months, and internal audit and compliance are no exceptions. According to a new poll by Deloitte Financial Advisory Services, 27% of executives reported reductions in these areas at their companies in the past 18 months, despite the fact that compliance experts and internal auditors were heavily recruited just a few years ago, in the wake of the Sarbanes-Oxley Act. The implications for companies are worrisome. "We know that in a recessionary time, fraud risk and corruption risk rise, so there's a tension there," says Kerry Francis, chairman of Deloitte Financial Advisory Services. "You've got a decrease in compliance personnel, and in this Financial Advisory Services....
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