Unlike a statutory audit, which verifies if financial statements are "fairly stated," financial due diligence is a forensic-style analysis designed for a buyer or lender. It identifies the underlying drivers of a business and uncovers potential "deal-breakers" or valuation adjustments.

Costs run through the business by owners (common in private firms).

A summary table showing the bridge from "Reported EBITDA" to "Adjusted EBITDA."