The audit required by Regulation .03 of this chapter shall be conducted in accordance with the standards of the American Institute of Certified Public Accountants, and in compliance with generally accepted auditing standards. The audit shall determine whether and to what extent the institution has complied with the statutory and regulatory requirements of the EEA Program during the fiscal year. In determining EEA Program compliance under §B of this regulation, the audit shall assess the following factors as they relate to the EEA Program: Compliance with federal regulations of institutional policies and procedures regarding satisfactory academic progress (SAP), housing, and Title IV financial aid verification requirements; Compliance with State residency requirements; Compliance with the institution’s enrollment and credit completion requirements; Accuracy of award eligibility determination performed by the institution; Adequacy of reporting by the institution to the Office in the Institutional Student Information Record; Estimation of State awards disbursed by the institution; Verification of completed and signed Maryland College Aid Processing System (MDCAPS) Individual User Agreements; and For institutions that elect to verify GA applicant eligibility under Education Article, §18-303.3, Annotated Code of Maryland, and COMAR 13B.08.10.13B, compliance with: The requirements of the VI standard Title IV financial aid verification process; and COMAR 13B.08.10.13B(7)—(18). The audit report shall provide: Detail of discrepancies and the nature of noncompliant student records identified during review; Recommendations provided to the institution to resolve findings; and The total amount of award payments that were made improperly by the institution. The auditor shall issue a management letter to the institution, which shall contain a listing of all material weaknesses in the institution’s system of internal controls. By June 1 of each year, a copy of the audit, the management letter, and the institution’s response to each item in the management letter shall be filed with the Commission. The Commission may request additional information from the auditor or from the institution. Noncompliance with the auditor’s recommendations shall be noted in future management letters and may result in payment remittance required of the institution as determined by the Commission.