(Bloomberg) — The Internal Revenue Service audited 0.57 percent of businesses in 2014, the lowest rate since 2005.

The tax agency, which is shrinking amid budget cuts, conducted 57,211 business audits in the fiscal year that ended Sept. 30 compared with 61,020 a year earlier, according to statistics released Monday. The 2005 rate was also 0.57 percent.

"As with individual audit rates, we continue to see steep declines in corporate examinations as the IRS budget has declined during the last five years," IRS Commissioner John Koskinen said in a statement.

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