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06 April 2020 | Story Nitha Ramnath | Photo Sonia Small
Students on Campus
UFS accounting students are flying the Kovsie flag high.

The School of Accountancy is proud to announce that 55 (74%) of the 2019 graduates for the BAcc Honours and Postgraduate Diploma in Chartered Accountancy programmes have passed the Initial Test of Competence (ITC) examination for the Chartered Accountant (SA) designation, compared to the national average of 68% for first-time candidates.

The results were recently released by the South African Institute of Chartered Accountants (SAICA). The ITC examination is the first of two professional examinations required for qualification as a chartered accountant (SA), and is written shortly after completing formal university studies, with two sittings of this examination annually, i.e. in January and June.

Of the 2019 Thuthuka Bursary Programme, seven out of eight graduates passed, translating into an 88% pass rate for this group.

Prof Frans Prinsloo, Director of the School of Accountancy, said: “I am pleased to report that these results confirm the quality and excellence of our CA programmes – a point repeatedly noted by the SAICA monitoring team during their formal feedback session last week.  These results are also testament to the hard work and dedication of the academic staff in the school.”

News Archive

UFS academics work on text book about legal requirements for cultural institutions
2010-11-09

Prof. Johan Henning, Dean of the Faculty of Law, UFS; Prof. Loot Pretorius, also from the Faculty of Law; and Mr Tokkie Pretorius, Director of the War Museum in Bloemfontein.

A team consisting of Prof. Johan Henning, Dean of the Faculty of Law at the University of the Free State (UFS), Prof. Loot Pretorius, also from the Faculty of Law, and Mr Tokkie Pretorius, Director of the War Museum, is going to tackle a project which will focus on the new legal requirements for cultural institutions, with special reference to national museums.

Previously this team has written a textbook on the legal position of development corporations, which is regarded as a standard work about this topic.

Museum managers often come from the expert conservation and research environment and find it difficult to comply with the new legal requirements pertaining to national museums.

National museums, amongst which counts the War Museum of the Boer Republics, are classified by the Public Finance Management Act (PFMA) no. 1 of 1999 as Public Entities.

This Act also states specific accounting requirements regarding the accounting standards, year-end statements and the auditing process on the one hand, but on the other hand specific requirement with regard to corporate management.

The King II Report and it most recent extension, King III, sets specific guidelines to be followed in the managerial process and specifically emphasises the role and responsibilities of non-executive boards of directors (board members) and those of the executive director (chief executive officer). The Cultural Institutions Act, no. 119 of 1998, regulates the operation of national museums, amongst others the constitution and functions of the boards of national museums. Various other forms of legislation also apply to national museums.

According to Prof. Pretorius they aim to publish the book within the next 18 months.
 

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