The Higher Education Opportunity Act of 2008, Pub. L. No. 110-315, mandated GAO (Government Accountability Office) to study the financial and compliance audits and reviews required or conducted for the Federal Family Education Loan (FFEL) program and the Federal Direct Student Loan (DL) program. The Department of Education's (Education) Office of Federal Student Aid is responsible for administering these programs. This report focuses on (1) identifying differences and similarities in audit requirements and oversight procedures for the FFEL and DL programs, including anticipated changes to selected oversight activities and (2) describing how the Office of Federal Student Aid's policies and procedures are designed to monitor audits and reviews. To do so, GAO interviewed Education and inspector general officials and reviewed numerous audit guides, agency procedures, checklists, and audit tracking systems. GAO recommends that the Education Inspector General update the OIG "Lender Audit Guide" to include all appropriate regulatory requirements for audits of ongoing FFEL participants. GAO also recommends that the Secretary of Education develop and implement policies and procedures requiring Office of Federal Student Aid review of audited financial statements for lender servicers. The Education Office of Inspector General and Education agreed with GAO's recommendations. Appended are: (1) Summary of FFEL and DL Program Audits and Reviews; (2) Objectives, Scope, and Methodology; (3) Comments from the Department of Education Office of Inspector General; (4) Comments from the Department of Education Office of Federal Student Aid; and (5) GAO Contact and Staff Acknowledgments. (Contains 3 tables, 4 figures and 38 footnotes.)