Does CDM need to be reexamined?

I would not claim to be an expert on carbon or how the CDM market works. As a layman on the issue, I would read this WSJ article and would conclude that the UN really needs to reevaluate the entire CDM system .

"U.N. regulators are also concerned that some independent auditors of these projects, who are responsible for vetting their environmental legitimacy, have been letting project developers push through ventures of questionable environmental value."

I had no idea that of the CDM approved projects, such a small percentage comes from developing countries. Anyone know of efforts from the UN to try and correct this imbalance?