Security Analysis Reports for Managers?

chaffed asks: "I've been tasked with translating a security analysis report for our powers that be and ultimately for our auditors. The manager's are not technically savvy, but they aren't PHBs, either. To what depth should one descend into Information Security and Technology topics? More generally, how would a technical person relate to a non-technical person? Should all technical terms be defined or just cryptic ones? What assumptions are reasonable to make about the reader (Non-Technical Managers)? What physical format should an analysis take, bulleted points or in depth discussion?"