In DUE DILIGENCE: SECURITIES APPLICATIONS AND REGULATORY REQUIREMENTS, 2011, securities expert witness Douglas J. Schulz writes:
DEFINITIONS What are the accepted or appropriate definitions of the term “due diligence”? As in almost all regulatory or litigation situations, it depends on which side of the fence you are on. If you are on the defense side and you are being accused by either a regulator or an investor/claimant that you failed to perform proper due diligence, your definition may be amorphous and narrow. You might claim the term is synonymous with such words as inquiry, investigation, research or review. On the other hand, if you are the investor/claimant, your definition will be more encompassing and will include such words as systematic, methodical, meticulous, scrupulous, detailed, and comprehensive.
Mr. Schulz has been in the securities business professionally for 33 years and has been hired over 1,100 times as a securities expert.
Read more: http://www.securitiesexpert.com/articles/documents/DueDiligencepublishedarticle.pdf