Blog: Breaking News: GPB Audit Committee to Resign; EisnerAmper Suspends Work on Auditing Outstanding Financial Statements - 2019-11-26
GPB's Audit Committee has, or will, resign, no later than Wednesday, November 27, 2019. This is one day before the four day Thanksgiving Holiday in America. The timing is no accident. The resignation of the Audit Committee may well trigger the resignation of EisnerAmper as GPB's auditor in the very short term. If GPB's internal Audit Committee resigns, then how does an outside auditor have any confidence to proceed if its client's own committee does not?
EisnerAmper and GPB's internal audit team both cited Michael Cohn as an excuse to delay the 2015 and 2016 financials. This is a transparent evasion as Cohn didn't even begin working at GPB until November 2018.
It seems to us that GPB has looked for any and all excuses to indefinitely delay issuing its revised 2015 and 2016 SEC-required financial statements. These statements were issued and thereafter GPB's then-auditor withdrew its opinion of the statements. GPB has stonewalled now for two years on these statements. The longer GPB stonewalls, the more it looks like the firm is covering up wrongdoing, Crowe resigned as GPB's auditor rather than complete these statements. Crowe resigned by stating that GPB fell outside of its risk tolerance parameters. It now appears that GPB has used Michael Cohn's arrest has as yet another reason to refuse to issue the audited financial statements for 2015 and 2016.