This document summarizes a research paper on the effectiveness of outsourcing internal audit and financial reporting functions. It conducted a survey of executives from private sector companies in India. Key findings include: - Most respondents agreed that outsourcing these functions would streamline processes, improve detection of fraud, and allow CFOs to focus on strategic issues. However, many felt corporate interference could still occur with outsourced auditors. - The paper provides a checklist for companies to consider before outsourcing, including performing a cost-benefit analysis, managing vendor lock-in, and establishing entry/exit criteria for outsourcing firms. - While outsourcing may reduce costs, the document concludes that transparency