The SAE Correction Factor is intended to adjust the HP and TQ figures for the climate conditions. However, does it fully adjust for the temp changes?

As an example, Import Tuner magazine does a "Power Pages" feature each month were they dyno test various mods. Although these are SAE corrected, they also indicate the temp changes between dyno's and indicate that when the temps go up between dyno's it does rob power when comparing two dynos. In addition, there are numerous posts on this site about changes in temp impacting SAE corrected numbers.

How is this possible if the SAE correction factor fully corrects for the climate conditions? (or does it?)