Test ploicy is a high level document which describes test 
strategy

Test policy documents is documented at three levels -- 
1. management directive -> in developing test policy, the 
project manager level category people will write what they 
mean and require from testing in this document. it is IT 
manager policy
2. information consensus policy -> the IT management forms 
a group of IT managers with most senior persons in various 
deparments of organisation and documents the test policy, 
it is IT policy
3. user policy -> IT management forms a group of key 
members of user management with various departments and 
write the test policy, it is a pure organizational policy

jay
IBM

Test Policy describes about the organization definition of 
testing. i.e philosophy of organization towards testing.
This is generally developed by the top level management(IT 
Dept. Managers). Usually this document contains:
1. Definition of testing
2. The process or procedure or standard we need to follow 
for good quality product.
3. The quality level to be achieved (1000 lines of code 1 
issue)
4. Cost to fix the issues

this test policy should be approved by CEO r Directors

This is a company level document and will be developed by 
QC 
People.( At most management). This document defines 
“Testing Objective” in that organization


Small-scale company test policy 

Testing Def: Verification + Validation
Testing Process: Proper planning before testing
Testing Standard: Defect per 280 LOC / Defect per 10 
functional points
Testing Measurements: QAM (Quality Assessment 
Measurements), TMM(Test Management Measurements), PCM 
(Process Capability Measurements)