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FSA Guidelines state that “a school that participates in any FSA program, including a participating foreign school, generally must have an independent auditor conduct an annual audit of the school’s compliance with the laws and regulations that are applicable to the FSA programs in which the school participates (a compliance audit), and an audit of the school’s financial statements (a financial statement audit).” (FSA Handbook Chapter 12)For the compliance audit segment of this requirement, publ