Takeaway

Key Concepts: Completeness – Materiality, Balance, and Comparability

Characteristics of reports do not generally exist in absolute or unqualified terms. Rather these characteristics exist in degrees or ranges. For example, it is incorrect to assume that a report is either complete or incomplete. Likely, some topics will be complete and others less so. Ask yourself these questions when evaluating the completeness of an aspect of a report.

  • How does the organization define materiality?
  • What is the right balance between accomplishments (positives) and challenges (negatives) in the report and where are the challenges located?
  • Note: It is important to know that the organization has had some successes, but no one is perfect and there should be some discussion about the work yet to be done.

  • What is an appropriate benchmark for comparison?