Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

Are you as surprised as I am that the Company left Tobin's independent director chair unfilled right through the end of the fiscal year?

As a result there is no longer a properly formed Audit Committee and the 10-K can be expected to say "Based on the Company’s processes and assessment, as described above, management has concluded that, as of June 30, 2019, the Company’s internal control over financial reporting was not effective."
In addition the auditor's will not be able to make the statement that they were able to make last year in the current year:
"Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 30, 2018, based on criteria established in Internal Control – Integrated Framework: (2013) issued by COSO."
The lack of an Audit Committee and the resultant ineffective internal controls will highlight the substantial doubt about the Company's ability to continue as a going concern.

Why did he let that happen?