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Basics

Information request list (IRL)

Also known as: IRL, DRL, due diligence request list, document request list, due diligence checklist

Definition

An information request list is the schedule of documents and data a buyer’s diligence team requests from the seller. It is issued at the start of diligence and tracked until every item has been answered.

Updated November 2026

Information request list, explained simply

It is normally a spreadsheet with one row per request, recording priority, the responsible person and status. Financial requests usually come first, because they are on the critical path.

Most core financial requests are predictable, so sellers can prepare them before the process starts.

Sample request tracker

Sample

Priority items are requested first so analysis can start in week one.

Velonix publishes a free FDD checklist (Excel) with request lists for six deal types, ready to copy into your request letter.

Core financial requests and purpose

RequestWhy it is asked
Monthly trial balances, three years plus year to dateBase data for all financial analysis
Bank statements for the same periodTest of recorded revenue against cash received
Receivables and payables ageingWorking capital and collectability testing
Revenue by customer and productConcentration and trend analysis
Payroll registersOwner compensation and headcount trends
Debt and lease agreementsIdentification of debt and debt-like items
Budget and forecastComparison of plan with actual results
Items management proposes as one-offStarting point for adjustments

Worked example

The buyer’s team sends Alder Creek a list of 120 items, of which 15 are marked priority. The seller delivers those 15 in the first week, including trial balances, bank statements and ageing reports. QoE work starts immediately and the remaining items follow over three weeks.

Alder Creek Manufacturing, Inc. is a fictional company. All figures are illustrative.

Why it matters in a deal

The speed and clarity of responses set the pace of the transaction. Sellers who prepare the core items in advance shorten the process.

Red flags

  • Items left “in progress” for weeks
  • Responses that contradict data already provided
  • Summaries supplied in place of source documents

Frequently asked questions

What is information request list (IRL) in M&A?
An information request list is the schedule of documents and data a buyer’s diligence team requests from the seller. It is issued at the start of diligence and tracked until every item has been answered.
How long is a typical list?
Often 100 to 300 items across all workstreams, with financial requests a large share.
Can a seller prepare in advance?
Yes, and it should. Most core financial requests are predictable.

Discuss your requirements with our team