Tuesday, February 21, 2017 10:41:11 AM
Interesting, but "BLAME" is not the subject of my post! "Culpability" is the subject! Cowan and TAUG share some level of fault, potentially mitigating the magnitude of any financial award!
If the judge, assuming there is no jury, as appears to be the situation, asks, "Why did TAUG's Board of Directors/Audit Committee NOT apprise Cowan of any concerns related to the fiscal 2014 and/or 2015 audits, which potentially violated the PCAOB independence rules?"
The TAUG BOD had ample time, i.e. all of fiscal 2014 and 2015, to understand the situation! Apparently, the BOD was not "equipped" to perform this fiduciary obligation for 2014 and/or 2015, or did the Board simply overlook its obligation. Had TAUG's "Audit Committee" been in force, the Meyler audits could have been halted long before Cowan was "fired" 15 days before the annual financial report was due to be filed with the SEC on June 30, 2015.
Forgetting fiscal 2015, very simply, why was Meyler allowed to perform the 2014 audit?
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