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For a good look at how companies are preparing for the approaching blizzard of new accounting regulations, consider the changes underway at Solectron Corp. As with other companies, the internal audit function at the $11 billion technology equipment manufacturer has been put on steroids. The job of overseeing financial controls used to be spread out over a full year. Not anymore. The workload has been thoroughly overhauled so that it is completed by the end of the second quarter to give time for problems to be identified and corrected ahead of the external auditor’s reviews, which also must allow time for corrections. Non-financial testing is now concentrated in the last two quarters.

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