In 2013, a prominent critic of the audit profession wrote an article in The Economist which argued that auditors: 1.rarely catch financial statement fraud, 2.provide opinions that are of limited value, 3.refuse to hold audit partners accountable for the conduct and outcomes of the audit, 4.have relationships with clients that appear more like long-term business partnerships, and 5.do not appear to be independent, inasmuch as they are paid by client. Required: Please give an argument to defend the audit profession against each of these five charges, either by identifying (a) a description of changes that have been made by the PCAOB to address weaknesses, or (b) the failure of the critic to understand the purpose and scope of auditing.