14-36 LO4 Refer to the Why It Matters feature "Guidance on Assessing the Quality, Not Just the Acceptability, of Significant Accounting Policies." Assessing the quality of accounting policies is a matter of professional judgment. What considerations are relevant in making this judgment? Guidance on Assessing the Quality, Not Just the Acceptability, of Significant Accounting Policies Why It Matters Are there any items that have a significant impact on the representational faithfulness, verifiability, and neutrality of the accounting information included in the financial statements? For example are there. Selection of new accounting policies or changes to current . ones This feature provides guidance on issues for auditors to consider when evaluating the quality of a client's accounting policies. Objective criteria for evaluating the quality of the client's account ing policies is not available, so assessing the quality, not just the acceptability of significant accounting policies is a matter of professional judgment. Auditors might consider the following questions in making this judgment: What is the consistency of the organization's accounting principles and their application? What is the clarity of the financial statements and related disclosures? What is the completeness of the financial statements and related disclosures? Estimates, judgments, and uncertainties Unusual transactions Accounting policies relating to significant financial statement items, including the timing of transactions and the period in which they are recorded Is the organization using accounting practices that are not specifically addressed in the accounting literature, such as industry-specific practices