Emma Mashilwane is a seasoned executive with extensive experience in auditing, corporate governance and risk management. Currently, she serves as a Non-Executive Director (NED) at Clientele Limited, a role she has held since December 2023. In this capacity, she also chairs the Group Social and Ethics Committee and is a member of the Audit and Risk Committee.
In addition to her role at Clientele Limited, Emma is the Co-Founder and CEO of MASA Auditors, a boutique internal audit and risk advisory firm established in May 2018. MASA, which means “Dawn” in Sepedi, reflects her vision of a new era in professional services, particularly emphasising diversity as a majority black female-owned firm.
Emma has been an NED at Tiger Brands since December 2016, where she chairs the Social, Ethics and Transformation Committee. She is a member of the Audit Committee, which she previously chaired, as well as acting as the Lead Independent Director. Her previous NED roles include positions at Capitec Bank, Famous Brands, and Murray & Roberts. Her career also includes significant leadership roles such as Head of Risk Advisory Services at Nkonki Incorporated and Chief Financial Officer at Masana Technologies and Carl Zeiss Optronics.
Share of challenges
Emma’s impressive career has not been without its share of challenges. Her accounting studies at the University of Cape Town were halted due to financial exclusion. She relocated to Johannesburg, where she secured an entry-level job at Standard Bank, enabling her to continue her studies. She faced another hurdle at the then Rand Afrikaans University when she failed her honours degree due to working and studying concurrently. She eventually graduated, earning her degree through the University of Natal’s long-distance programme and passed both board examinations on the first attempt to qualify as a chartered accountant.
Another crisis Emma faced was the liquidation of Masana Technologies in 2009 when she was the CFO. It was a strenuous experience, but a more devastating blow came later when the accounting firm Nkonki was dissolved in 2018 where she was the head of internal audit.
Asked what lessons she learned from these experiences; Emma says they taught her to be resilient. “When troubled times come, it is easy to wallow in pity and ask yourself why they have happened to you. That is the wrong approach, as it can easily lead to paralysis from despair. Difficult moments have taught me to always have a Plan B. Even when things go wrong, you need to be prepared to seek an alternative path,” she explains.
Personal brand
“I also learned that it is important to look after your own brand so that even if the organisation you are associated with faces a reputational crisis, you can stand apart from it and move on. When Nkonki was dissolved, clients who knew me and recognised my value enabled me to forge my own path. You should never waste a crisis; do not place your focus on the doors that are closed because in doing so, you will fail to see those that are open,” Emma adds.
Another big lesson from this experience was the value of diversification, and it is for this reason that MASA has an almost equal balance of clients from the public and private sectors.
“We have a close working relationship with some of the bigger firms, in particular my alma mater, KPMG, with whom we engage on internal and external audit assignments, allowing our teams to get exposure in various industries, for example, financial services including insurance. This is as a result of the mutually beneficial relationships I have maintained since working at the firm. You should never burn bridges with organisations and key people you encounter in your career journey because you never know when you are going to need them.,” Emma advises.
Transition from Nkonki
When Nkonki collapsed, Emma was a bit disappointed because of the hard work she had put in to grow the internal audit business, increasing the division’s revenue tenfold. It is disheartening that a brand that was so strong was suddenly no more.
“I acted as the temporary chair of the firm and together with the acting CEO, we oversaw the beginning of the closure process which included allocating the trainees to other firms and negotiating with the likes of SAICA, the Auditor-General and ABASA to assist in placing the SAICA trainees to ensure that they were able to transfer their training contracts with no time penalty. There was no time to pity ourselves because we had to talk to clients to see out the engagements we had going during that period,” Emma recalls.
Emma had opportunities to join other audit firms and corporate entities but she felt that these positions would not have enabled her to continue her passion for people development. Instead she opted to establish her own consulting firm.
“Working in an established firm, you do not get to build up your own brand and establish your own systems. I would have been just another number as one of hundreds of directors. In addition, I would have been disqualified from holding NED positions which have contributed immensely to my professional growth. After forming MASA, I went on an aggressive campaign to market the new firm, and I am eternally grateful to the individuals and organisations that continue to create opportunities for small firms such as ours. It is very difficult to break through into this industry – the barriers to entry are huge,” Emma says.
Shareholder syndrome
Emma has learned that she cannot do everything herself, and she opines that small firms fail to grow when the founder attempts to be the HR director, business development manager, consulting lead, and finance director all at the same time. Many entrepreneurs, particularly those heading up consulting firms, struggle to relinquish control and instead create a “shareholder syndrome” where everything stops when they are not around.
Emma has a number of ideas about how to improve the audit profession to ensure better, more reliable results for clients and a more efficient system for all.
Emma has observed that the audit profession is still struggling to recover from recent failures that have led to a trust deficit. She emphasizes that significant efforts are needed to change public perceptions, including updating audit standards to incorporate digital techniques for increased efficiency.
While external audit fees are regulated and kept within a reasonable range, the lack of regulation in internal audit has led to a proliferation of low-cost providers who bring to question the quality of work delivered. Emma urges audit committees and decision-makers to address this issue to maintain the credibility of the internal audit profession.
She indicates that she would love to see the status of the internal audit professionals elevated to match that of chartered accountants. Additionally, the internal audit function should be treated seriously, with chief audit executives within companies having the same clout as CFOs, she says. This would help ensure that the internal audit division is respected enough to add value.
BEE as an enabler
Emma accepts that BEE legislation has acted as an enabler in her career. “It helps you get your foot in the door, but what you do after that is up to you. As a young black woman appointed to serve on a board, I make sure my colleagues are aware of who I am from the very beginning by preparing thoroughly for meetings and contributing actively. I ensure that my input cuts across the business and not just aspects of finance.”
Despite her packed calendar, Emma enjoys the occasional round of golf and is an avid runner. Her medal cabinet is full of ribbons from various marathons, she has twice run the Comrades Marathon and is chasing the Abbot World Marathon Majors – a series of global marathons – having completed the Berlin marathon in 2023.
“Running helps clear my mind. Apart from that, I also read a lot. My all-time favourite reads include The Monk Who Sold His Ferrari by Robin Sharma and Tuesdays with Morrie by Mitch Albom. I also highly recommend The Art of Laziness by Library Mindset, which challenges traditional views on productivity, offering strategies to overcome procrastination and enhance personal efficiency. It emphasises the importance of stepping out of one’s comfort zone and making conscious choices to achieve goals.”
