You absolutely read the S1 statement. What else would you be reading?
Do you use an accountant to file your taxes? Do you read the entire tax document they submit, or do you just look at their summary of "after this much in deductions, you owe this much"?
If you do read the document in full, good on you, but I assure you most people don't, in the same way that most CEOs don't read every single document the company's lawyer produces.
Trust but verify.