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 2023 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.