Which of the following often is the only practical means of determining if data in the financial statements are complete?

The completion of data in financial statements is crucial for ensuring that stakeholders can make informed decisions based on accurate and comprehensive financial information. An analytical review involves evaluating the relationships between various financial and non-financial data over time, as well as comparing data to industry benchmarks or historical performance. This process helps identify any anomalies or unexpected fluctuations that could indicate incomplete data.

Through analytical reviews, financial professionals can highlight areas where there might be inconsistencies or unusual patterns, prompting further investigation. This approach not only assesses the integrity of the financial data but also provides a broader context for understanding the organization's financial health, making it an effective method for gauging completeness.

Other options, while relevant in their own right, focus on different aspects of data integrity and accuracy. Properly designed records relate to the system of documentation and tracking transactions. Periodic reconciliations involve confirming the consistency of data across different sources or accounts, but they may not always reveal issues of completeness if certain transactions were not recorded at all. Periodic reviews offer a way to assess the financial statements, but they might not be as thorough or systematic as analytical reviews in uncovering completeness issues.