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You have recently joined a public traded financial institution - People's Bank - as a junior accountant. During a regular Monday morning meeting the Chief

You have recently joined a public traded financial institution - People's Bank - as a junior accountant. During a regular Monday morning meeting the Chief Accountant 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'.

Provide to your colleague a detailed explanation of the various types of audits the bank is subject to.

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