Hmm, my understanding was that we pay auditors to go over the annual reports (which includes the MD&A) with a "fine-tooth comb" (amount of work depends on risk/materiality). Auditors attach their name to those financial statements and, while financial statements are representations made by management, it is the auditor's job to ensure that they are fairly represented and free of material misstatement... So that's why I thought after they filed they should be able to begin trading fairly quickly..