  The HI Parkes All Sky Survey (HIPASS) is a blind extragalactic HI 21-cm
emission line survey covering the whole southern sky from declination -90 to
+25. The HIPASS catalogue (HICAT), containing 4315 HI-selected galaxies from
the region south of declination +2, is presented in Meyer et al. (2004a, Paper
I). This paper describes in detail the completeness and reliability of HICAT,
which are calculated from the recovery rate of synthetic sources and follow-up
observations, respectively. HICAT is found to be 99 per cent complete at a peak
flux of 84 mJy and an integrated flux of 9.4 Jy km/s. The overall reliability
is 95 per cent, but rises to 99 per cent for sources with peak fluxes >58 mJy
or integrated flux > 8.2 Jy km/s. Expressions are derived for the uncertainties
on the most important HICAT parameters: peak flux, integrated flux, velocity
width, and recessional velocity. The errors on HICAT parameters are dominated
by the noise in the HIPASS data, rather than by the parametrization procedure.
