Definitely not, if you ask me. To understand my point of view, one should remember why a company needs audited documents.
Auditing is supposed to provide some kind of protection for Shareholders who have limited rights for company management but also wish to know what is going on with the company. A Financial statement review by a third party, a qualified and certified auditor in our case, is a necessity.
The situation is quite the opposite for offshore companies, which are mostly registered as so-called “pocket” companies and single-handedly managed by a Beneficiary, “sheltered behind” a nominal service. Do the Beneficiaries need an independent check? Positively, the fewer checks the better for them.