My field of research is “Auditing”. In the current global scenario there has been an upsurge in the global collapses like HIH Insurance, Ansett, One Tel in Australia & Enron and World Com in United States, a sudden collapse can have a greater impact in the economy as a whole. After this the professionals are blaming on the auditors, but the duty of the auditor is only to express an opinion on the financial statements so the auditor is no where responsible if he performs his duty with his full competency and in an ethical manner. In this paper I want to highlight that though the auditor performs his duty well but their liability remains unlimited. Since I am currently pursuing Masters in professional accounting, my core area of interests and studies relates to the same field. The role of auditors in the field of auditing will help me understand my future area of work i.e. being a CPA and hence it is pertinent to understand for me the core effect of auditing, its liabilities and how it vests on accounting profession and organizations in Australia. So my area of the work is “The effect of auditor’s liability on the accounting profession and organizations in Australia.” Secondary data are the published sources from where one can easily collect the information. These are the information already published by some person; it may be in form of a book, internet search or libraries, articles and etc. The topic covered by me has lots of data and information in published form which I can use in my research work as per the requirement. • www.auasb.gov.au/Pronouncements/Australian-Auditing-Standards.aspx • http://epublications.bond.edu.au/cgi/viewcontent.cgi?article=1161&context=blr • http://www.accaglobal.com/content/dam/acca/global/PDF-members/2012/2012p/Prof_liability.pdf • http://aaahq.org/Meetings/2017/Auditing-Section-Midyear-Meeting/Program • https://www8.gsb.columbia.edu/rtfiles/accounting/NEWMAN.pdf • http://www.austlii.edu.au/au/journals/BondLawRw/1996/4.pdf As stated earlier my topic for research would be “The effect of auditor’s liability on the accounting profession and organizations in Australia.” While doing this asset of question that arises in my mind and that can be answered by the secondary data sources are: a. What are the roles & responsibilities of the auditor towards the organization they serve? b. The accounting bodies like CPA (Certified Practicing Accountants) and IPA (The Institute of Public Accountant), how they are looking to safeguard the interest of the auditors? c. What are the liabilities of the auditor towards the organization? d. What roles and responsibility of the management of the organization? e. Is there any financial implication on the auditor if they found guilty? The secondary data set that I will be using will consists of past companies that have faced an auditing liability and the reason there of, what measures have been taken by authorities towards mitigating such liabilities and what is the end result of it. Hence I would rely on data published by the Australian Accounting bodies and authorities. The search terms to be used under google scholar would be “auditing”, “professional accounting”, and “auditor’s liability”, “Certified Practicing Accountants”, Institute of Public Accountant” and “Roles and Responsibilities of Auditors”. The five articles that will be picked is the ones listed above. The articles listed above helps me in my literature review as they provide insight on the accounting profession, the regulatory bodies and their regulations and how the accounting profession is shaping up i.e. auditors and the auditing regime amidst past events. References N.p., 2017. Web. 2 Aug. 2017. N.p., 2017. Web. 2 Aug. 2017. "AAA > Meetings > 2017 > Auditing Section Midyear Meeting > Program." Aaahq.org. N.p., 2017. Web. 2 Aug. 2017. "Australian Auditing Standards." Auasb.gov.au. N.p., 2017. Web. 2 Aug. 2017. "Cite A Website - Cite This For Me." Epublications.bond.edu.au. N.p., 2017. Web. 2 Aug. 2017.