AUDITING SITUATION: You have recently joined a publicly traded financial institution - People's Bank as a junior accountant. During a regular Monday morning meeting the Chief Accountant announced that the Independent Registered Public Accounting Firm Auditors-Are-Us will be coming to perform a compliance audit. One of your colleagues whispered, But they were here last month." REQUIREMENT: PROVIDE TO YOUR COLLEAGUE A DETAILED EXPLANATION OF THE VARIOUS TYPES OF AUDITS THE BANK IS SUBJECT TO. YOU ARE ENCOURAGED TO USE APPROPRIATE AUDITING TERMS AND PHRASES IN YOUR RESPONSE