The Attorney confirmation letter attests to the fact that the work was done and the person doing the work signs in blood. Not same as audited but a huge improvment for pinks on their way up :)
Also saves ridiculous amounts of money preparing SEC level reports. There are pinks that qualify for big board that choose to remain pink to save the $$$ in excess of 6 figures per year just to maintain a standard that can still be cheated... LOL So really it's all about accesability, transparancie and confidence.