No that doesn't sound like an accounting strategy.
There is no way, absolutely no chance, that the company can release the 10K and one week later be expected to release the 10Q. Audits/reviews take time.
For instance, let's say I was auditing Intellicell.
1) Send out the engagement letter (entitling the fees for the audit, etc)
2) Send the necessary team to the clients place to perform the fieldwork. Fieldwork timeliness depends on how quick and willing the client is hand-over the necessary information. Usually involves obtaining analytical explanations for 10Qs.
3) The team "usually juniors" need to hand-over their work to the senior for review.
4) The senior needs to prepare internal documents which give an overall summary of the company >> this needs to go to the manager AND partner of the audit firm for their review.
5) Senior will usually get review comments, in which he will have to correct and maintain proper formatting based on the managers review comments.
6) Once all the review comments are cleared from the manager, the partner has to review the financial statements.
7) If the partner does not have any review comments, the partners + managers of the audit firm need to sign a document saying that they have reviewed the files.
8) Once all is complete >> the chairman of the audit firm has to sign the financial statements. The audit firm needs to print out all the financials and get them signed by the appropriate parties.
This BTW is a very brief summary of how the audit process works. It can be very tedious :-)
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