You have different classes for fault, a bare wire is the worst, there is immediate danger, after that it is a case if X, Y, or Z happens then there will be danger, and it is down to how likely is it that X, Y, or Z may happen. We have guide lines, the Electrical Safety Council has published a set of guide lines which tend to be used by most, they for example say if the internal cover inside a consumer unit is missing it should not be marked as a fault, and if there is no earth connected to a socket it should be marked as a fault.
But some of the items do seem wrong to my mind, having a few multi-socket adaptors plugged in it shows as a fault, personally I would say that is beyond ones remit with a EICR as all it needs is to be unplugged, it's not actually part of the installation.
Some other items also seem suspect, no cut out on an immersion heater is another example, with a thermal plastic header tank it is very important, with a metal header tank then not really that important and with solid fuel water heating used as well as the immersion heater if could be argued you don't want a cut out.
There is also the technical fault, which in real terms is no danger, a joint rapped in insulation tape can technically be undone without the use of a tool, so regulations wise it does not comply, but you would really have to be an idiot to unwrap the tape without turning off the power, so should it really be considered as a fault, we all know people put junction strips on where the ceiling rose was and simply shove it into the space above the plaster board, both down stairs where it would need you to remove a floor board to get access and upstairs where you can gain access through the loft, again if more than 1mm space to get access to live parts from above and no tool required then does not comply, but in real terms it presents no danger, unless insulation stripped back too far, so should it really be listed?
Any house holder can see a smashed socket, what he can't see is where the loop impedance is exceeded and as a result the MCB may not trip in the required time. The EICR is when the earth connections are actually tested and the figures written down, this is the bit you can't see, the list of circuits and the reading recorded for each circuit is the bit you can't do. RCD trip times, and prospective short circuit current is also beyond you to measure. It is these measurements which tell you not only how safe the installation is, but what can be done as far as modifying the installation. So with a loop impedance of 0.60Ω on the ring final you know you could extend it into a new extension, but with 1.30Ω you know it's on it's limit, so it will need a new circuit for extension.