evaluating accounting policy

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Primarily, the accounting policy must meet the needs of management, the owners and any other users of the resulting financial reports. Secondarily it must meet any requirements of regulators, laws, etc.

If necessary there are two or more sets of books, accounting, cost, tax, etc. They're not intended to mislead anyone, but to provide the types of information the users of the accounting data need to make informed decisions.

External auditors can help you with compliance and financial audits to determine if your company is following a set of standards. Briefly, they would do this through interviews/questionnaires/sampling/testing to assess the risk of non-compliance. It's quite interesting how they do it because they do not have to examine every single document that is generated by accounting transactions in order to give a company a good rating (low-risk).