The dramatic collapse of the cryptocurrency exchange FTX comes just

a few months after auditors from the Trump Organization resigned

asking us to stop placing reliance on $10$ years of previously audited

accounts.

In the bankruptcy filings for FTX the new CEO suggests FTX is full

of "inexperienced" executives and demonstrates a "complete failure of

corporate controls," including allegations of financial impropriety.

The Year $2022$ has indeed been characterized by significant audit

failures and auditors have been blamed for such spectacular collapse

of corporate governance. Some critics suggest that audit practices are

inherently rigid, and the methods too obscure to have mitigated these

failures. Others argue that auditors are unfairly criticised. Where do

you stand? Justify your answer with sound reasoning.