Artículo 4. Selection and Application of Accounting Principles, Including Related Disclosures

.12 As part of obtaining an understanding of the company's selection and application of accounting principles, including related disclosures, the auditor should evaluate whether the company's selection and application of accounting principles are appropriate for its business and consistent with the applicable financial reporting framework and accounting principles used in the relevant industry. Also, to identify and assess risks of material misstatement related to omitted, incomplete, or inaccurate disclosures, the auditor should develop expectations about the disclosures that are necessary for the company's financial statements to be presented fairly in conformity with the applicable financial reporting framework. .13 The following matters, if present, are relevant to the necessary understanding of the company's selection and application of accounting principles, including related disclosures: Significant changes in the company's accounting principles, financial reporting policies, or disclosures and the reasons for such changes; The financial reporting competencies of personnel involved in selecting and applying significant new or complex accounting principles; The accounts or disclosures for which judgment is used in the application of significant accounting principles, especially in determining management's estimates and assumptions; The effect of significant accounting principles in controversial or emerging areas for which there is a lack of authoritative guidance or consensus; The methods the company uses to account for significant transactions that are outside the normal course of business for the company or that otherwise appear to be unusual due to their timing, size, or nature ("significant unusual transactions"); 7B and Financial reporting standards and laws and regulations that are new to the company, including when and how the company will adopt such requirements.