CRJ 550 flight crew reported a terrain warning on approach. Accomplished a go-around and landed uneventfully.

Narrative

On approach to ZZZ ILS Runway X. Autopilot was armed. CA called 1;000' Stable; I disconnected autopilot at approximately 400 ft AGL. Conditions were high winds aloft calm winds on the surface during the approach; clear sky; CA pointed out strong quartering tailwinds during the approach. I switched to following PAPI on approach in visual conditions between 300' and 200' AGL. CA stated 'Glideslope as we had gotten below ILS GS but we were on the PAPI guidance. In the process of checking the GS; the PAPI changed to 3 red 1 white; and 'glideslope' aural warning was made. I initiated a go-around but was slow on cleaning up the aircraft and requesting AP (Autopilot).Seeing this; the CA tried assisting me in continuing the go-around procedure but I had a hard time hearing the CA so my focus became divided. Finally; we got cleaned up and level at 4000' and briefed our options. The CA decided they should fly the approach as the fuel was low and we needed to keep the approach short. Approach cleared us for the visual RWY and told us to contact TWR. I switched over to the Tower and announced we were on the visual for Runway X; Tower cleared us to land. CA started having me add flaps as they begun the downwind to base turn. During the turn the terrain caution annunciator went off and then the terrain warning. CA added power and leveled off momentarily while continuing the turn to airport. Warning went back to a caution; approach was continued hand flown and was called stable at 1000' AGL. CA landed with no further incident. After completing the flight; the CA and I debriefed the go-around discussing what I can do to be more on top of the procedure. We also discussed the CAs decision to do a visual approach into ZZZ despite company policy not permitting visual approaches into ZZZ at night and we could have still made the approach without receiving a terrain warning or burning too much more fuel."