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This document outlines various findings and questioned costs related to the financial management of El Paso County Emergency Services District #2, detailing conditions, effects, causes, criteria,

How to fill out schedule of findings and

How to fill out SCHEDULE OF FINDINGS AND QUESTIONED COSTS

1. Title the document as 'Schedule of Findings and Questioned Costs'.
2. Include a header with relevant information such as the name of the audit, organization, and the period under review.
3. List each finding sequentially, assigning a unique identifier to each one.
4. Describe the nature of each finding, including details on the questioned costs and any non-compliance issues.
5. Provide the criteria for what constitutes compliance or acceptable practice related to each finding.
6. Discuss the factual evidence supporting the finding, including any relevant citations or data.
7. Outline recommendations for resolving the findings, including potential corrective actions.
8. Include responses from the entity being audited, if available.
9. Ensure the format is clear and consistent throughout for easy understanding.

Who needs SCHEDULE OF FINDINGS AND QUESTIONED COSTS?

1. Organizations undergoing audits to document compliance and financial integrity.
2. Auditors and accounting firms conducting the assessment.
3. Stakeholders and board members for transparency and accountability.
4. Regulatory bodies that require oversight of financial practices.
5. Granting agencies that need evidence of proper fund use and allocation.

People Also Ask about

How to calculate likely questioned costs?

For example, an auditor might have selected a sample that sums to $15,000 and observed known questioned costs of $450, or 3% of the recorded amount of the expenditures tested. If the total recorded amount in the expenditures population is $1,000,000, then projected likely questioned costs are $30,000 ($1,000,000 × 3%).

What is required on the schedule of findings and questioned costs?

Each audit finding in the schedule of findings and questioned costs must include a reference number in the format meeting the requirements of the data collection form submission (see § 200.512(b)).

What is a questioned cost?

A questioned cost means an amount, expended or received from a federal award, that in the auditor's judgment is noncompliant or suspected noncompliant with federal statutes, regulations or the federal award's terms and conditions.

What are questioned costs?

A questioned cost means an amount, expended or received from a federal award, that in the auditor's judgment is noncompliant or suspected noncompliant with federal statutes, regulations or the federal award's terms and conditions.

What is required to be reported as an audit finding in the schedule of findings and questioned costs?

The auditor must report the following as an audit finding in the schedule of findings and questioned costs: (1) Significant deficiencies and material weaknesses in internal control over major programs.

What is the summary schedule of prior audit findings?

Summary Schedule of Prior Audit Finding (SSPAF) - reports the status of audit findings included in the prior audit's schedule of findings and questioned costs and the audit findings reported in the prior audit's summary schedule of prior audit findings except audit findings listed as corrected or no longer valid.

What elements are required to be included in an audit finding?

Understanding the 5 C's of audit findings — criteria, condition, cause, consequence, and corrective action — is crucial for both auditors and auditees to effectively address areas of noncompliance and strengthen internal controls and processes.

For pdfFiller’s FAQs

What is SCHEDULE OF FINDINGS AND QUESTIONED COSTS?

The SCHEDULE OF FINDINGS AND QUESTIONED COSTS is a report that outlines any findings and questioned costs resulting from an audit, particularly in the context of federal funds and compliance with government regulations.

Who is required to file SCHEDULE OF FINDINGS AND QUESTIONED COSTS?

Entities that receive federal funding and undergo a Single Audit as required under the Uniform Guidance are required to file the SCHEDULE OF FINDINGS AND QUESTIONED COSTS.

How to fill out SCHEDULE OF FINDINGS AND QUESTIONED COSTS?

To fill out the SCHEDULE OF FINDINGS AND QUESTIONED COSTS, auditors typically outline each finding with a description, reference to the specific regulatory requirement, the condition observed, the effect of the finding, and any recommended corrective actions along with the management's response.

What is the purpose of SCHEDULE OF FINDINGS AND QUESTIONED COSTS?

The purpose of the SCHEDULE OF FINDINGS AND QUESTIONED COSTS is to provide transparency regarding audit findings, ensure accountability in the use of federal funds, and to document any questioned costs that may need further investigation or remediation.

What information must be reported on SCHEDULE OF FINDINGS AND QUESTIONED COSTS?

The information that must be reported includes the distinct findings, questioned costs, references to compliance requirements, the conditions and circumstances surrounding the findings, recommendations for corrective actions, and management's responses to the findings.