A referee report should include the following:

• A summary of the research paper

• A recommendation to the journal editor as to whether the work should be published, whether it would benefit from revisions, or whether it should be rejected due to a lack of substantive intellectual contribution

• A discussion of the research’s contribution to the field’s current understanding of the topic

• Analysis of the methodological approach, especially the identification of shortcomings or areas lacking clear explanation

The cover letter is essentially a synopsis of the referee report and is a great exercise in the concise presentation of your thoughts.