Moreover, the introduction of CLERP 9 provided legal backing to the accounting and auditing standards, thus exposing auditors to liability for audit failure. To ascertain this contention, search the literature and develop arguments (supported by appropriate literature) on whether the auditors should be made liable for accounting misstatements not identified during the audit, why should they be liable (if they are) and to what extent should they be made liable. (Consider the business risks and threats to the auditors if they were made liable for accounting misstatements that might prevent them from providing the assurance that is needed)