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UFS students attain a 94.7% pass rate in challenging SAICA exam

23 August 2019 | Story Valentino Ndaba

UFS Accountancy students — The UFS School of Accountancy is fast becoming one of the best in the country.

Becoming a Chartered Accountant (SA) entails successfully completing the rigorous education and training requirements set by the South African Institute of Chartered Accountants (SAICA). As part of these requirements, all prospective CAs are required to write SAICA’s challenging Initial Test of Competence (ITC). A total of 83 graduates from the University of the Free State (UFS) passed the 2019 ITC examinations, making the Kovsie community and School of Accountancy proud.

Prof Frans Prinsloo, the Director at the UFS School of Accountancy, applauded the successful graduates – of whom 39 are African, five coloured, one Indian, and 38 white. “More than 55% of our graduates who wrote the exam are black (African, coloured and Indian), demonstrating that our emphasis on building the pipeline of under-represented prospective Chartered Accountants (SA) is paying off in terms of both racial and gender inclusion.”

Rising above the ultimate test
SAICA released the results of the June 2019 ITC examination on Friday 16 August 2019. The ITC examination is the first of two professional examinations required for qualification as a Chartered Accountant (SA), and is written shortly after completion of formal university studies. There are two sittings of this examination annually, in January and June.

Compared to the national average pass rate of 75.4% for the 2019 ITC examinations, UFS BAcc Honours and Postgraduate Diploma in Chartered Accountancy graduates delivered a superior performance. The 94.7% pass show that our graduates are a force to be reckoned with.

Upping standards
More than 10 of the Thuthuka Bursary Programme graduates of 2018 who wrote the 2019 ITC examinations, passed, which translates into a 92% pass for this group. Such an achievement also confirms the success of the bursary programme ‘wraparound support’ interventions, by delivering results well in excess of the national average. These interventions also extend to the development of professional skills essential for the corporate world – thereby ensuring that these graduates are not only technically strong, but ‘work-ready’.

Best in the business of excellence
“These results place the UFS School of Accountancy amongst the best in the country in terms of Chartered Accountancy education, and is testament to the hard work of the academic staff and the quality of our CA programme,” says Prof Prinsloo.

News Archive

Inaugural lecture explores the compatibility of commercial certainty and constitutionalism

2015-10-15

From the left: Prof Caroline Nicholson,
Prof Elizabeth Snyman van Deventer,
Justice Malcolm Wallis and Dr Lis Lange.

Justice Malcolm Wallis presented his inaugural lecture, entitled “Compatibility of commercial certainty and constitutionalism”, to the Faculty of Law on 17 September, 2015. The occasion was attended by faculty staff, students, and senior members of the Bloemfontein judiciary.

In her welcoming remarks, Prof Caroline Nicholson, Dean of the Faculty of Law at the UFS, expressed the immense pride the faculty has in hosting such an occasion, and the remarkable work of Justice Wallis in the South African legal fraternity over his forty-year career.

Justice Wallis spoke of the constitution’s important role in ensuring that the law in commercial matters is enforced fairly without the prejudice or undue influence from the desire to obtain or preserve personal advantage. “Try, if you can, to conceive of a society in which commercial relationships are enforced and enforceable purely as a matter of discretion. Ask yourselves: how would such a society function?” he said.

He reiterated that the role and the rule of law is to guide and protect parties in commercial transactions. It has considerable impact on society in how it is enforced. “Commercial disputes may seem to involve only the parties to the proceedings, but when they involve significant changes to established commercial law, their impact is inevitably wider. Such changes affect other agreements, other relationships, underlying financing transactions, and, in our modern world, contracts of insurance and reinsurance. The latter at least will always have an international dimension,” he said.

He explored specific judgements and the role the concept of “Ubuntu” played in delivering them, the fair enforcement of commercial law, and how this should be an integral part of South African law under the constitution.

In closing, Justice Wallis stated that “in principle, the existence of a constitution and constitutional rights need not destabilise commercial law, or the reasonable expectations of business people.”

Justice Wallis has received numerous accolades locally and internationally during his long career, including his appointment as a Professor Extraordinary in the Department of Mercantile Law at the University of the Free State in 2014.

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