That is not true. Check out Wikipedia's page for "Pink Sheets"
"Many of these companies do not file periodic reports or audited financial statements with the SEC, making it very difficult for investors to find reliable, unbiased information about those companies."
Pinks are not on any boards, if you mean exchanges. And no, they aren't required to perform audited yearly reports. Under certain circumstances they may be required to do so, but usually pinks aren't required to report much of anything.