You 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 audit the bank is subject to. Use appropriate auditing terms.