Earlier today I made a screencast of how I review themes. This is not my entire method. There is a lot more involved. The things I didn’t do are make the comments in the ticket, assign the ticket, go over any sanitation/validation or comment on some core functions that can be used and may be used incorrectly.
In the ticket I will often try to link to documents that relate to how to correct the issues. There are times when I’ve see the theme author in previous reviews, so for the most part I try to link to the same resources. The main ones I link to are the codex, developer pages, and the theme review required page. Yes, I try to link when I can.
As you can see and hear from the video there are some things that I’m – personally – a huge fan of. I have my reasons. I hope this serves as a quick glance of what at least one theme reviewer goes through when it comes to doing theme reviews.