The request list is what you send the target. It lives on the project under Requests.
It comes from the scope
Rather than a generic checklist, the list is generated from the assessment template you chose: each review area contributes the material its questions need. Narrow the scope and the list gets shorter. This matters in practice, because a target that receives 300 generic asks answers them slowly and resentfully, while one that receives 60 relevant asks answers them.
It closes itself
As material arrives and questions get answered from it, the corresponding items close. You are not maintaining a spreadsheet alongside the work.
Unanswered questions come back
When analysis cannot answer a question from the material, the gap becomes a request item. That loop — ask, read, discover what is missing, ask again — is the part of diligence that usually happens in someone's head or in a side email thread. Here it is recorded, so at any point you can say precisely what is outstanding and what you asked for and when.
Your firm's own template
If your plan includes it, Settings → Request template lets you edit the template the list is built from. It opens on the standard diligence request list the product ships with, not a blank page: add the items your firm always asks for, remove the ones you never do, and change the wording and grouping to match what your targets are used to receiving. Reset to default puts the standard list back at any point. Per-project edits are still possible on top.
Sending and tracking
Export the list to share with the target, or invite a contributor from the target to add material against items directly. Contributors from the target company are not billed as users — see Who counts as a user.