Not at all. For most of what these garbage issuers claim are financial statements prepared under GAAP, you don't need an audit, or even much accounting experience, to see they are not GAAP compliant.
For instance, many of them leave out most, or in some cases all, of the Notes to the Financial Statements. Not GAAP compliant. They also commonly leave out all the required periods. Also not GAAP compliant. And when they do include both of the above, the Notes are often lacking the required detail.
All of that is easily detected. In most cases, a quick 30 second scan by a reviewer can identify the non-GAAP compliant financial statements in any disclosure uploaded to OTCMarkets.
The real question is - will OTCMarkets actually do anything about it?