I am wondering who actually prepares the IPO prospectus of a company, especially regarding the company strategy, competitive advantage, and potential risk sections...etc. Those are pretty high level and strategic things, and I would expect the information to be accurate only if it comes directly from senior management/CEO ...etc. I want to understand whose words I'm listening to when I read a prospectus. Does it comes from the CEO/senior executives mainly? Or does it comes from some outside editors hired just for the sake of preparing a filing document? Has anyone been involved in preparing an IPO prospectus? Is there a general practice of how it is prepared? Some kind of general process similar to book publishing (ie. manuscript->editing->review->approval ...etc)? My main concern is that I'm afraid I'm reading words from some accountants or business analyst/consultant instead of words from management. Who prepares the prospectus has a significant impact of how I interpret the lines written. Any information is much appreciated. Thanks!