Hiring guide
A finance data-room index for due diligence
By CFO Index · Published
A finance data room should let an authorised reviewer find the right document and understand what it covers. A folder full of exports is not enough. Ask your fractional CFO to maintain an index that connects each request to its evidence, review status and permitted audience. This guide describes preparation, not a mandatory disclosure list.
Start from the reviewer's request list
Confirm the purpose of the review, entities, reporting periods and requested documents with the authorised transaction or finance lead. Give each request a stable ID. Record whether it is available, being prepared, not applicable or awaiting clarification. Do not upload a large historical archive merely to appear thorough. If the requested scope is unclear, resolve it before exposing confidential material to a broader audience.
Use an index with enough context to prevent mistakes
Suggested columns are request ID, document title, entity, period or as-of date, currency and units, source owner, preparer, reviewer, version, status, permitted audience and link. Add a short limitation note where needed. This is an editorial template, not a regulator's checklist. A filename such as 'accounts_final_v3' does not establish which entity or reporting period the file covers, or whether it has been reviewed.
Keep period reports distinct from point-in-time records
For management accounts, include the covered period; for a receivables ageing or balance sheet, include the as-of date. The SEC's introductory guide explains the distinction between period-based income and cash-flow statements and the balance sheet's snapshot. Identify whether records are management-prepared, reviewed or audited only where that status is true. Include relevant reconciliations rather than implying that a presentation is itself independent assurance.
Separate preparation from permission to release
Use a private working area and an approved-release area. A finance owner may confirm completeness while a different authorised person decides what can be disclosed. NIST's cybersecurity guidance recommends multi-factor authentication and protected backups; those are useful foundations, not proof that a particular data room is secure. Have your IT or security owner configure named access and available logging. Avoid public links for non-public finance records.
A sample index entry
Hypothetical entry: FIN-04; receivables ageing; Entity A; 31 August; EUR in whole units; accounting manager as source owner; CFO review pending; version 2; restricted finance-review group; customer names redacted pending approval. The limitation note might explain a known reconciliation difference. After correction and approval, issue the revised file under the same request ID with a new version. Keep the earlier version out of the active release set without destroying records that must be retained.
Review spreadsheets for unintended disclosure
Check hidden tabs, comments, external links and embedded detail as well as the visible worksheet. Remove unnecessary personal information using an approved process; do not assume that hiding a column redacts it. For European and US recipients, ask the relevant advisers about privacy, contractual and cross-border restrictions before sharing. Download restrictions cannot guarantee that an authorised recipient cannot retain information, so release only what the approved purpose requires.
Maintain a questions and changes log
Link each reviewer question to a request ID and assign the response owner. When an answer changes a figure, identify every affected file and notify the authorised recipients through the agreed channel. Do not silently replace a document that someone may already be using. A simple log should show the reason, version, approval and date, allowing the team to distinguish a correction from newly available information.
Accept the preparation work with a retrieval test
Have an authorised colleague find a sample document from the index, confirm its period and explain its status without asking the author. Test that an audience without permission cannot open restricted material using your security team's approved procedure. Confirm who owns future updates and access removal when the review ends. A well-organised room reduces confusion; it does not establish that diligence is complete or that a transaction will proceed.