Relevance in the context of financial and business processes refers to the extent to which information is pertinent and significant to the decisions being made. Information is considered relevant if it directly affects decision outcomes by providing users with insights or aiding in predictions of future outcomes. For instance, in creating a balance sheet reconciliation, relevant details include accurate account balances and outstanding adjustments, as they directly impact the verification and validation of financial statements.

Effective decision-making relies on the availability of relevant information that aligns with the context of the task. For example, when preparing a month-end checklist for financial close, the relevance of historical monthly closing data allows establishing efficient workflows and identifying potential concerns. To apply relevance effectively, prioritize information that aligns with specific goals and objectives while excluding non-essential or less impactful data.