This made me laugh - not because you aren't right (in theory), but because I just took over a project from a big four consulting company. When I asked about the location of the latest version of the code (after looking in VC and not finding it)...answer: on the production server. "We could have checked it into VC, but didn't want to take the time."
I've seen at least n=6 of these in the past couple of years.
Sometimes the oldies are goodies.