In order to participate in Title IV programs, institutions must submit annual audits, performed by an independent auditor, to Federal Student Aid (FSA). Proprietary institutions' auditors are required to perform the compliance audit and financial statement audit in accordance with the Government Auditing Standards, Generally Accepted Auditing Standards, and the audit guide developed by the U.S. Department of Education's Office of Inspector General (OIG). Ensuring related audit reports meet applicable reporting requirements and are appropriately identified by FSA's contractor for follow-up is important because FSA uses the institution's annual audits to help carry out its oversight responsibility of Title IV programs, including identifying areas of concern and taking necessary actions towards the institution. The significance of processes to help ensure the quality of related audit reports is further demonstrated by the level of funding involved. In the award year 2022-2023, proprietary institutions received almost $15 billion in Title IV aid. OIG performed this audit to determine whether FSA's oversight of its contractor's acceptability review process ensured that annual proprietary institutions audits meet applicable audit reporting requirements.