In a recent Deloitte online poll of business professionals across various industries, 37.5 percent say they are at least as concerned and 18.2 percent say they are more concerned about their company becoming a target of securities litigation as they were two years ago. Fueling this fear may be the fact that 27.4 percent of respondents report losing headcount in the compliance and internal audit function over the past 18 months.
Despite the reported decrease in the number of compliance and internal audit personnel, 49.7 percent of respondents believe their compliance and business ethics programs are strong and an additional 36 percent say they are adequate.
“With reduced headcount levels within compliance and internal audit, many organizations won’t realize that they are not implementing sufficient fraud prevention programs until it is too late,” said Kerry Francis, leader of the Corporate Investigations practice for Deloitte Financial Advisory Services LLP.
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