In the context of an industry-Academia collaboration in the scope of test process improvement, the authors noticed a need to assess the usage, usefulness and quality of defect reports. The objective was to assess the quality defect reports and also to pinpoint improvement areas in defect reports to increase developers' effectiveness in fixing defects. To address the above needs, we recently conducted a questionnaire-based opinion survey which gathered input from 38 software developers in the context of a large Turkish software and systems company providing global solutions in the areas of defense and IT, and reported the results in a previous recent paper. To complement our previous study (opinions of developers), we conducted another survey, this time among a set of five test managers. We report and analyze the results of the managers' survey in the current study and compare them to the previous results (opinions of developers). Analysis of results from both surveys has helped us to assess the usage, usefulness and quality of defect reports and also to pinpoint the necessary improvement areas in defect reports, for which an improvement effort has already started.