What would you do if upper management issues a new policy and it was questionable to you? Would you follow the new policy?

It has to be followed till it is  challenged & changed.

First we all MUST be honest , as we all work in company and not owner or partner , then I MUST apply my company policy but I say my concern after choose the accurate time to mention it, also if I can't apply also I MUST look for another company till I find company applies internal policy which can be accepted and applied. 

I would follow the new policy because policy is made for implementation and we should respect to our senior's decision but if that policy was not favorable for organization and HR. then I would like to give feedback and suggestion to policy maker or upper management with clear justification.

Being an auditor my job is to evaluate policy critically and report my reservations, suggesting recommendations for improvement to them. Other than that we can do nothing, unless we resign from our position.

yes, if Upper management policies are right 

It all depends on the situation, if it is necessary or in favor of company's goal or vision then we must give it a try.  But if you are hesitant with the new policy, you must voice it out and have the courage to either ask for further explanation so you can understand the purpose.  Even if you are rank and file, you need to understand why we need to follow certain policy.  

I will follow the policy. And if any negative issues arise during the implementation; I will analyze it properly. Then I will present my observation to the upper management with proper deduction in due manner & will ask for their attention.  

Follow the policy as issue by upper mangement

Correct Answer is Yes. There is no exception

Normally change in policy is made out of the exeprince, and lot of deliberations. There may be a difference of opinion on the change in policy, may be due to different perception. It is better to clear our perception before the change is questioned or have disagreement. It may happen, our perception has not been taken into account while developing the change in policy, in that casebetter to inform the Management. But yes, we must follow the proceudre, even if it is wrong, untill the views are conveyed.