Financial Due Diligence Checklist and Red Flags

Act as the lead analyst preparing financial due diligence for an acquisition of {{target_company}} in the {{industry}}. Produce: 1) a prioritized document request list by topic (financials, contracts, tax, customers, suppliers, management), 2) 25+ specific diligence questions and analyses to run, 3) common accounting adjustments and one-time items to normalize historical EBITDA, 4) red flags to watch for in revenue recognition, margins, working capital, and capex, 5) recommended quick tests (variance analysis, margin waterfall, customer concentration, AR aging), and 6) estimated time and team members required for each workstream. Present as a checklist with short rationale for each item.