Perhaps, however given the limited resources that TAUG had it is understandable. THat is why auditors get the big big bucks. Auditors are suppose to know the rules, and comply with them.
As far as the independence, there was a mistake for failing to rotate off. IF TAUG had an audit committee I would guess Meyler would have given the same BS to the audit Committee that he did to the PCAOB. IN any event, the rules are clear that even if Cowan Gutenski felt they could proceed, they are still held 100% accountable for the error they made.
What many people do not understand is that Cowan Gutenski, and all its Partners presumably, tried to cover this violation up. Had they notified TAUG in the fall of 2014 this would have been a small run of the mill claim.
This case could set a huge precedent to auditors in the future. BTW, thanks for your fine research on DECN CEO Berman.
