Heh.
While I'm not sure if Aurax is the legit King of the Consult (honestly I don't think there truly is a single ruler), I definitely believe he has a lot of secrets for us, and to me seems like an even MORE important character due to his lack of appearances (TWP-epilogue possibly aside). Much like Shauriatas, or even Mekeritrig, his mysterious absence from the series, even five books in, implies to me that there's a very good reason we're seeing so little of the inner-workings of the Consult -- which, in-and-of-itself, makes it seem that Aurang is somehow deprived of important info, though I suspect it may be just because he really hasn't been at Golgotterath in a long time. I think matters move slowly with the Consult -- they literally have every interest in the world to wait until the EXACT opportune moment. The entrance of the Dunyain into the field of play, and more importantly an Anasurimbor, has forced the Consult to play their hand. This is the reason for their "observance of prophecies true and false", since they both can work with the coming of an Anasurimbor -- be it Mimara or Kellhus or both.