Beyond the Audit Room: From Public Accounting to SEC Reporting ft. Brian Lanks (CPA, MBA, Assistant Controller, PROCEPT BioRobotics)

Hi Brian. Thank you for joining us for this podcast for SEC Reporting Journal, where we interview folks in SEC Reporting.
Thanks for having me.

Could you tell us about your early career and how you transitioned into SEC reporting?
I started in public accounting after graduating with an accounting degree from Sowsley State. My first job at a local firm involved tax, consulting, and auditing. Later I moved to a regional and then a national firm, just outside the Big Four. Over 15 years, I gained a lot of experience auditing public companies. I also completed an MBA, though honestly the CPA has been far more valuable. The CPA credential opens doors whether you stay in public accounting or move into industry.

After years in public accounting, I knew the partner track wasn’t for me. Coming out of the Great Recession, SEC reporting became the natural bridge. Having audited financial statements for so long, moving into preparing them was a natural fit.

For those unfamiliar, could you walk us through the SEC reporting process end-to-end?
It starts with the GL team performing the month-end or quarter-end close. Then they prepare reconciliations and SEC support tables that roll up into the 10-Ks and 10-Qs. Next, we build the financial statements, upload them into our SEC platform, and circulate drafts to auditors, legal, and other stakeholders. After a few iterations, we finalize and file.

What people often underestimate is not the technical changes but the grind of processing edits, especially in 10-Ks.

How do you manage collaboration with auditors, legal, and other stakeholders?
I create an SEC reporting calendar and share it early with auditors and legal. We work backward from key dates like the press release and audit committee meetings. This way everyone knows when drafts are due and when comments are expected. It saves time and avoids surprises.

When new SEC rules come up, how do you adopt them?
For financial statement changes, we usually prepare an adoption memo, review it with auditors, and get CFO sign-off well before filing. For non-financial disclosures like cybersecurity or ESG, I rely on internal legal counsel and benchmarking peers using tools like Intelligize. Over my career, I’ve had two minor SEC comment letters but no restatements or late filings. Preparation is key.

Can you tell us about the tech stack you’ve worked with?
The ERP system depends on company size, Oracle, SAP, NetSuite, and so on. We rely heavily on Excel to bridge gaps. For SEC filings, I’ve used Donnelley and Workiva, but Workiva is my go-to today. Recently, I automated tie-outs in Workiva, which saved a lot of time. But I’m careful, automation must benefit everyone, not shift burdens downstream.

What have been the most challenging moments in your career?
Big product launches. Updating risk factors and disclosures across an entire 10-K can be exhausting. Another challenge is auditor checklists under Regulation S-X and S99. They’re long, repetitive, and often feel like the bane of my existence.

How do you view AI and automation in finance?
We’re in early stages. My company just rolled out ChatGPT Pro licenses, but beyond that it’s still exploratory. I believe you won’t lose your job to AI, but if you don’t know how to use it, you might lose your job to someone who does.

What advice would you give to students or early-career accountants?
Master Excel, stay current with technology, and understand how firms are using AI. Join groups like Beta Alpha Psi to hear directly from recruiters about what they value. And always be curious about how the industry is evolving.

What resources help you stay current?
I subscribe to daily email blasts on accounting and AI, plus updates from auditors and industry groups. I also complete CPE webinars on SEC comment letter trends, those are a great way to stay up to date.

If there’s one thing you wish other teams understood about SEC reporting, what would it be?
That it takes time. You can’t always turn things around in a day if you want thorough reviews. Also, auditors, especially Big Four, can hold things up while waiting for their QA teams. Sometimes the delay isn’t internal, it’s external.

Any recent changes you’ve made that had a positive impact?
Automating tie-outs in Workiva saved time. I’ll continue to explore automation, but always with the mindset that it should benefit the entire workflow, not just me.

Finally, how do you handle auditor checklists?
Honestly, they’re tedious and time-consuming. Most answers are “N.A.,” yet auditors want them worded just so. It’s mundane work, but part of the process.

Thanks to Brian for joining us on the SEC Reporting Journal and sharing your insights into the realities of SEC reporting.
Thanks for having me.