This document provides guidance on conducting due diligence for an M&A transaction. It discusses scoping a due diligence engagement, including factors to consider for asset versus share transactions. The three pillars of due diligence are identified as strategic rationale, risk reduction, and post-diligence technicalities. Key areas of due diligence include financial, commercial, operational, legal, HR, and environmental. Pricing an engagement with external advisors and common mistakes are also covered.