Bonga Mokoena’s appointment as CEO of BDO – a post he took up in May – sees his career come full circle as he moves away from the financial services industry, where he has concentrated his efforts for the past several years, to focus once more on audit.
Bonga Mokoena’s approach is, in his own words, ‘unconventional’. It is because he is unconventional that he is able to find the story behind the numbers and translate them from a reflection on the past into a prediction about the future. And it is because he is unconventional that he views success not in terms of his own achievements, but about what he can help others accomplish. As the leader of BDO, this philosophy is very much in evidence as he prepares to guide the firm in a direction that helps clients and employees alike to fulfil their dreams.
Mokoena is no stranger to the feeling that comes from realising a long-cherished goal: he grew up in conditions he describes as ‘the poorest of the poor’ and admits that as a child, he never foresaw a time when he would hold so much possibility in his hands.
It was his fascination with numbers that drove him forward − that, and the understanding that if he didn’t push himself, his circumstances would never change. ‘It was challenging, but I realised that I had a choice: I could give up, or I could summon all of my determination and become what I wanted to be, despite the odds against me. The experience taught me that as long as I have energy, determination and the right mindset, I can thrive in any situation.’
That’s one of the reasons Mokoena doesn’t flinch at the thought of what’s ahead of him in his new role. ’I’ve been asked several times why I would have re-joined the profession at a time when it’s facing so many challenges and others are running from it, but my answer is this: if we all run, who will fix things?’
This explains why he has re-joined the profession after a long-standing stint at Alexander Forbes which saw him tackle many leadership roles. Mokoena has also left his mark at Nedcor Bank Limited, Transnet, Old Mutual and Eskom Pension & Provident Fund (EPPF).
Coming full circle
Mokoena describes his time away from the profession as ‘a great journey of learning, where I gained practical knowledge about commerce’. His return represents something of a homecoming. ‘I had a very emotional moment when my wife reminded me that when I left the profession, I expressed the wish that I would one day return. Now that wish has come true.’
He couldn’t be more excited, he admits. On a personal level, Mokoena is delighted to be able to make a ‘selfless’ contribution to the people who make up the companies that BDO serves – because, he says, auditing is about people. It is, after all, the auditors who validate companies and, by extension, give stakeholders confidence and trust. There’s something highly profound and humbling about this, he says, especially since trust is ultimately the foundation for economic growth. Auditing is therefore about helping people achieve a better life.
Given the gravitas of this role, Mokoena believes that all members of the profession need to become ‘encouragers’; that they must develop a winning, can-do mindset. ‘When things are hard, we need to remember that while the sea might be big, it is made up of many drops of water. If each one of us does our best, we can make a difference.’
His approach to confronting the challenges facing the profession is to look at the numbers. ‘I believe they can tell us what kind of leadership we need and what solutions we should focus on.’
Mokoena adds that his leadership style dovetails neatly with the values embraced by BDO, encapsulated in the mnemonic ‘REACT’: it’s rooted in doing the Right thing, always; striving for Excellence and being Exceptional; Adding value through actions rather than making promises; Collaborating to win and understanding that Together, we are stronger – a nod to BDO’s diversity.
Change ahead
Mokoena’s goal is to see BDO emerge as one of the top auditing firms within the next three to five years – a goal which he says is well within reach, given the potential that resides within the firm.
But, he notes, attaining this objective means that the firm needs to play an active role in rebuilding the country’s trust in the profession. ‘We’re ready,’ he avers. The pandemic taught BDO members the importance of agility and flexibility, and having honed these qualities, the firm is set to tackle the future with an accent on innovation.
This will serve it well as it prepares to challenge the current status quo. ‘In South Africa, we’re used to thinking only of the Top Four within the auditing profession. It’s time for this to change – if we are to change the way people perceive auditors, we need to add more trusted layers to the profession.’ He commends the profession’s regulator for taking the first step in the right direction by introducing mandatory audit firm rotation (MAFR) – a move which, he says, creates a shield against complacency. ‘We need a little more professional scepticism. We need to guard against subconscious comfort, because that’s the only way to build more robust processes,’ he states. ‘All told, rotation is a risk mitigation strategy for the economy.’
Mokoena further maintains that making room for more players will have a positive impact on the profession’s transformation, while also laying the groundwork for improved governance and ethical behaviour.
He believes there is also merit in investigating the UK’s approach to setting fees. ‘Obviously, we don’t want to regulate prices – we don’t want to disrupt the free market economy. But the UK’s implementation of minimum auditory fees is very interesting: it recognises that there is a cost for quality and doesn’t remove the need for high standards, while at the same time, it makes room for smaller firms to play a bigger role in the profession.’
The UK has set another example with the introduction of shared audits and joint audits, an idea which could gain traction in South Africa, too: while there is no question of removing the element of competition from the profession, there’s little doubt in Mokoena’s mind that all players could stand to benefit from collaborating where possible.
A hunger for learning
One of Mokoena’s greatest points of pride is the contribution to staff members and clients he has made during his career journey. He is particularly glad that he has been able to create exposure for training, people and skills development because, he says, putting the right skills in the right place is key to growing the economy.
He says he’s always open to learning. ‘I’ve had many formal mentors; people who set a striking example of leadership. But I’ve equally had informal mentors: people who I’ve looked up to because of how they comport themselves and even people whose behaviour stands out as an example of how not to do things.
‘There is something to learn from everyone – even a three-year-old can teach you something, because they have a different way of seeing the world. As leaders, it takes humility to recognise that you don’t know everything, that you don’t have all the answers – and that you depend on every single person in the organisation to find them.’
Author
Lisa Witepski
