What it is
The schedule of findings and questioned costs is part of the single audit reporting package. It opens with a summary of the auditor’s results, then reports financial statement findings under Government Auditing Standards, then federal award findings and questioned costs, each with the elements the Uniform Guidance requires.
This template has the Section I summary tables (type of report, material weakness and significant deficiency indicators, major programs, dollar threshold, low-risk auditee), a list of the findings that must be reported, and a finding format with criteria, condition, context, questioned costs, effect, cause, repeat status, recommendation and views of responsible officials. The questioned cost threshold is stated as 2 CFR 200.516(a) sets it.
When to use it
- Writing up a single audit under the Uniform Guidance.
- Checking that each federal award finding carries every required element.
- Training staff on the finding format before fieldwork findings are drafted.
What’s inside
- Section I: summary of auditor’s results for the financial statements and federal awards
- Major program identification table with Assistance Listing numbers
- Section II: financial statement findings under GAGAS
- Section III: federal award findings and the list of findings that must be reported
- Finding element table and an index of findings
Standard cited
This template follows 2 CFR 200.515 / 200.516. It is written in our own words, except for phrases the standard requires the document to contain, with [bracketed placeholders] for client details, amounts in USD and dates as MM/DD/YYYY. Check it against the current standard and your firm’s methodology before use.
Questions
Which findings must be reported?
Significant deficiencies and material weaknesses in internal control over major programs, material noncompliance for a major program, known questioned costs where known or likely questioned costs exceed $25,000 for a type of compliance requirement for a major program (or for a program not audited as major), the reasons for any compliance opinion that is not unmodified, known or likely fraud affecting a federal award, and a summary schedule of prior findings that materially misrepresents the status of a prior finding. The list is in 2 CFR 200.516(a).
What is a questioned cost?
A cost the auditor questions because of an alleged violation of a law, regulation or award term, a lack of adequate documentation, or an unreasonable or unnecessary expenditure. The schedule reports known and likely questioned costs.
Who writes the corrective action plan?
The auditee. The auditor reports the findings, and management prepares the plan and the summary of prior findings.
Related templates
- Audit Finding Sheet (5 Cs)
- Management Letter — Internal Control Communication (AU-C 265)
- Communication With Those Charged With Governance (AU-C 260)
Last updated 11/05/2026. All free templates.