Which of the following is NOT one of the three types of audits?

The correct response indicates that compliance audits are indeed one of the recognized types of audits. In the context of auditing, there are generally three main categories: external audits, internal audits, and control self-assessments.

External audits are conducted by independent auditors who verify the accuracy of a company's financial statements and compliance with accounting standards. Internal audits are performed by internal staff to evaluate the effectiveness of a company’s internal controls, risk management processes, and governance practices. Control self-assessments allow organizations to engage their staff in evaluating their own processes and controls, contributing to a culture of accountability and continuous improvement.

Understanding these types of audits helps professionals in accounts payable and broader finance functions to effectively assess and manage financial processes, risks, and compliance with regulatory requirements.