Government Auditing Standards: Amendment No. 1--Documentation Requirements When Assessing Control Risk at Maximum for Controls Significantly Dependent Upon Computerized Information Systems: A-GAGAS-1.

This is the first amendment to Government Auditing Standards, commonly known as the "Yellow Book." It establishes a new field work standard requiring documentation in the planning of financial statements audits in certain circumstances. Specifically, this new standard requires auditors to document in their working papers the reasons for assessing control risk at the maximum level for assertions involving material account balances, transaction classes, and disclosure components of financial statements when such assertions depend on computer systems. It also requires auditors to document their consideration that the planned audit procedures are designed to achieve audit objectives and reduce audit risk to an acceptable level. [ABSTRACT FROM AUTHOR]