All institutions participating in the Federal Student Financial Assistance Programs must have an annual financial aid compliance audit performed by an independent auditor. This guide is effective for fiscal years ending December 31, 1999, and thereafter, for institutions preparing for their yearly audit. The purpose of the document is to assist institutions and organizations in fulfilling their responsibilities for completing and submitting the required audit. The guide supersedes the 1997 version. Attached are five pages highlighting changes from the prior version. (HB)