Building a Diligence Request List That Actually Gets Answered
The request list sets the tempo of the deal. Structure it right and documents flow. Structure it wrong and you chase PDFs for weeks.
The provided-by-client (PBC) or diligence request list is the operational backbone of financial due diligence. It tells the seller what to produce, in what format, and by when, and it tells the buyer's team what is still missing.
Start with scope
Request lists should match the module pack: quick look, standard QoE, full diligence with tax and debt, or lender-focused. Sending a 200-line list on a three-week quick look guarantees non-response.
Align with:
- Deal size and industry template
- Data room already populated by the seller's advisor
- Confidentiality and phased disclosure (employees, customers)
Structure for action
Organize requests so sellers can assign owners:
- Corporate and legal: Cap table, org chart, material contracts
- Financial reporting: Monthly financials, TB, GL, flux explanations
- Revenue: Customer list, contracts, deferred revenue schedule
- Working capital: AR/AP aging, inventory, capex and fixed assets
- Debt and cash: Loan agreements, leases, bank statements
- Tax: Returns, provisions, nexus, transfer pricing (if relevant)
- HR and benefits: Payroll registers, bonus accruals, key person agreements
Each line should specify format (Excel preferred over PDF scans), period coverage, and due date.
Sequencing matters
Wave requests so analytics can start early:
- Week 1: Trial balance, GL, monthly P&L and balance sheet
- Week 2: AR/AP aging, debt schedule, top customer contracts
- Week 3: Follow-ups from analytics (specific GL accounts, payroll detail)
Parallel workstreams fail when QoE waits on a single missing aging report.
Tracking and follow-up
Maintain a log with status: requested, received, incomplete, N/A. Note who at the seller owns each item. Escalate blockers in weekly deal calls with specific gaps, not "we need more detail."
Takeaway
A good request list is a project plan, not a wish list. Industry templates accelerate drafting. Disciplined tracking prevents the diligence team from stalling while the LOI clock runs.
See our FAQ on typical diligence documents.
Issue and track request lists in one workspace
aiassure ships industry scope packs with pre-built PBC lists, ties fulfillment to document uploads, and flags gaps before analytics begin.