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Accounting policies – principles, rules and procedures selected, and consistently followed, by the management of an organization (the accounting entity) in preparing and reporting the financial statements. Accounting policies deal specifically with matters such as consolidation of accounts, depreciation methods, goodwill, inventory pricing, and research and development costs. (BusinessDictionary)

DEFINITION of 'Accounting Policies'. The specific policies and procedures used by a company to prepare its financial statements. These include any methods, measurement systems and procedures for presenting disclosures. Accounting policies differ from accounting principles in that the principles are the rules and the policies are a company's way of adhering to the rules. (Investopedia)

According to VentureLine, "A management letter identifies issues not required to be disclosed in the annual financial report, but represents the auditors concerns and suggestions noted during auditing." It includes the public accountant's conclusions concerning the company's accounting policies and procedures, internal controls and operating policies. It confirms that all the information enclosed within the company's financial statements is true and accurate and that all the required information has been disclosed. An evaluation is made of the present system, pointing out problem areas. Recommendations for improvement are cited. (Reference)