This does not seem to me to be strictly true, at least operating in the space of payments industries. They go very deep into technical details as far as justify

This does not seem to me to be strictly true, at least operating in the space of payments industries. They go very deep into technical details as far as justifying a company's value. Such that in an open source company that I work for, we had to provide metrics as deep as like popularity and contributor-base growth in the open source ecosystem over time. That does not seem like an accounting review, that seems more background. I have a hard time believing that the SEC would not find a detail like whether or not the exchange was even legally operating in the findings of a review of the company's background. Of course, this was my first time aiding in the effort for taking a company public, so I'm not exactly a well seasoned veteran and there is a lot that I do not know. But based on what we had to provide to the SEC, I do not believe that it is strictly true that the road to publicly traded is only gated by an accounting review.