Lwazi Bam reflects on his time at the helm of Deloitte Africa

Lwazi Bam, the outgoing CEO of Deloitte Africa, reflects on his 28-year journey at the firm in an exclusive interview with CNBC Africa. Bam's tenure as CEO coincided with the dawn of democracy in South Africa, bringing significant transformation and challenges to the auditing industry. As he bids farewell to his role, Bam shares insights on the firm's transformation journey, lessons learned from the COVID-19 pandemic, and the future of the auditing profession. Bam's journey at Deloitte Africa began in 1994, a time when the demographics of the workplace were vastly different. He recalls the challenges faced as a young black man entering a white-dominated world and the transformations that have taken place over the past 28 years. From not being able to find a seat in the canteen to now witnessing a diverse workforce in 2022, Bam highlights the progress made in fostering inclusivity and diversity within the organization. Reflecting on the firm's transformation efforts, Bam acknowledges the role of visionary leaders in driving change. He shares stories of Deloitte appointing its first black partner in the 1970s and the subsequent appointment of black CEOs, including his successor, a black female CEO. While significant progress has been made, Bam emphasizes the need to continue developing and retaining diverse talent in executive roles. Addressing the impact of the COVID-19 pandemic, Bam describes it as one of the most challenging periods in the firm's history. The uncertainty and unpredictability of the crisis posed significant operational and emotional challenges for the organization. However, he notes that the firm successfully navigated the crisis by adapting to virtual operations and leveraging digital capabilities. In response to the changing operating environment post-COVID, Bam highlights the importance of maintaining a hybrid work model that provides flexibility and options for employees. He emphasizes the value of in-person interactions while acknowledging the efficiency of virtual meetings for certain engagements. Discussing challenges in the auditing profession, Bam delves into issues of ethics, audit quality, and regulatory oversight. He acknowledges the need for a systemic approach to address failures in the industry, emphasizing the accountability of all stakeholders in the financial reporting ecosystem. As Bam prepares to step down as CEO, he expresses optimism for the future of Deloitte Africa and the auditing profession. While he plans to take a break before potentially reentering the market, his reflections and insights serve as a testament to his leadership legacy and the firm's ongoing commitment to transformation and excellence.