Despite their essential role in assuring regulatory compliance for public companies, internal audit staffing hasn’t been spared the pink slips. A recent survey by the Institute of Internal Auditors suggests 23 percent of internal audit functions experienced staff reductions in 2009, but the IIA says that’s at least no worse than other functional areas have experienced through the recession.

Internal audit experienced cuts in 2008 and will experience more in 2010, the IIA said, but 2009 will be the peak year for staffing reductions. Fortune 500 companies, however, have not slashed as deeply, with an average reduction of 12 percent compared to 21 percent for companies as a whole, according to the survey results.

Where companies did not make cuts, 60 percent said they maintained staffing at existing levels and 17 percent said they increased staff. Companies maintaining or increasing staff say they’re worried about the increased risk of fraud that comes with economic pressure, and they’re relying on their internal auditors to look for inefficiencies and cost-cutting opportunities.

Donna Batten, director of chief audit executive services at the IIA, said that discovery was a “bright spot” in the survey findings. “It tells us there are thought-leading, best practices organizations out there that understand the role of internal audit and the value it can bring the organization,” she said.

Beyond internal audit specifically, the national average for accounting and finance salaries is expected to decline less than 1 percent in 2010, according to the 2010 salary guide from Ajilon Professional Staffing. CFOs and treasurers will take the biggest hits, with salaries at the top expected to decline 7.7 percent in 2010, Ajilon said.

Despite salary pressure, the accounting profession will still grow in both size and scope in 2010, Ajilon said, because of the demand for financial analysis and cost-cutting measures as well as the impending switchover to International Financial Reporting Standards.

Companies can afford to be picky about who they hire, said Andrew Reina, regional practice leader for Ajilon, so there’s lots of demand for specific credentials or industry experience to get an exact match with a company’s needs. The skills and credentials “used to be a wish list, but now it’s a must list,” he said. “The MBA and CPA credentials are important.”

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