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Learn from accountancy mistakes of the past decade, UFS students hear at Business Acumen Day

01 August 2023 | Story Kekeletso Takang | Photo Supplied

Business Acumen 2023 — Students engaged experts on the accountancy profession at the recent Business Acumen Day hosted by the UFS School of Accountancy.

The University of the Free State (UFS) School of Accountancy held its second Business Acumen Day on Wednesday 19 July 2023 in the Callie Human Centre on its Bloemfontein Campus.

The morning saw approximately 650 students fill the centre, eager to listen to the accountancy experts who attended.

“Central to the success of an accountant are values that guide one’s professional behaviour. Values of patience, respect for oneself and others, ethical behaviour, and having the right mindset,” Conrad de Wee, Chairman of the South African Institute of Chartered Accountants (SAICA) Central Region Council and Senior Manager at auditing firm Mazars, told the attendees. De Wee also shared the story of Dion Shango and his journey towards becoming the first black executive to be appointed CEO of PwC Southern Africa, at age 39.

Patricia Stock, audit partner and CEO of auditing firm MGI RAS and former SAICA board member, said she lives by the motto “Grow as I grow” and believes that, “The place you come from does not make you; it’s the choices you make that make you.” Stock described attending the event as a “privilege” and encouraged students by sharing her own journey. “You have given us an ear. You have given us the power to speak over your lives. We are here to plant a seed, sharing nuggets of wisdom… Do away with limiting beliefs and rather embrace diversity. The workplace needs diverse professionals who bring diverse ideas.”

Professor Bernard Agulhas, former CEO of the Independent Regulatory Board for Auditors and currently Adjunct Professor of Auditing at the UFS, said that auditors are in the right place to shine a light on irregularities, and if they don’t, one questions if they are complicit. He also discussed the required behavioural competencies of accountancy professionals and auditors. “We should go back to the basics. I would like to tell you about those basics. Focus on the principles that guide auditors when you go into the profession… Accounting professionals should be professional, independent, accountable, courageous, serve the public, and maintain trust.”

Prof Agulhas urged students to uphold these principles at every step of their career journey.

Rob Rose, Financial Mail Editor and author of Steinheist, alluded to the financial scandals of the past decade. Rose, who has written about governance and the grey area that exists between what companies say and what they do, contributed to exposing, among others, the Steinhoff scandal. “With Steinhoff, the red flags were there. There were tons of red flags all along. Why did the board of directors, partners, and investors miss them?” When asked by a student if there was a link between the past decade and the former governance of South Africa, Rose responded, “Yes, there definitely is a link. During that governance, there was a culture of permissibility. Plenty of grey area. There was an ethical slippery slope that didn’t hold individuals accountable.”

Prof Frans Prinsloo, Director of the UFS School of Accountancy, noted that the Business Acumen Day had addressed important professional values, attitudes, and skills that aspiring accountancy professionals need to be effective in the workplace. He also encouraged students to learn from the mistakes of the past, not to repeat them once they enter the profession, and thanked sponsor Standard Bank for investing in future leaders and helping to ensure the event’s success.

Prof Frans Prinsloo, Director of the School of Accountancy, welcomed guests, partners, and students to the event.

Conrad de Wee, Chairman of the SAICA Central Region Council and Senior Manager at Mazars.

Rob Rose, ‘Financial Mail’ Editor and author of ‘Steinheist’.

Prof Bernard Agulhas, Adjunct Professor of Auditing at the UFS and former CEO of the Independent Regulatory Board for Auditors.

Patricia Stock, audit partner and CEO of MGI RAS and former SAICA board member.

News Archive

Education dialogue opens engagement on legacy of OR Tambo

2017-10-05

Pali Lehohla, outgoing Statistician-General speaking at the
Centennial celebration of Oliver Tambo.
Photo: Supplied

To celebrate Oliver Reginald Tambo’s centennial year, the Oliver and Adelaide Tambo Foundation, in partnership with the Rector and Vice-Chancellor of the University of the Free State (UFS), Prof Francis Petersen, and Absa Bank, hosted an interactive dialogue session, titled “Educating Africa’s Future” on 26 September 2017 on the Bloemfontein Campus.

Students encouraged to take charge of their future
The event opened up dialogue on some of the current burning issues that affect students in South Africa, societal challenges such as poverty and crime, and how leaders such as Tambo envisaged a free Africa. Prof Petersen highlighted the role that universities played in developing society, in creating leaders and crafting the path to transformation. Other speakers included Pali Lehohla, outgoing Statistician-General, Linda Vilakazi, CEO of the Oliver and Adelaide Tambo Foundation, Nombulelo Nxesi, CEO of Education, Training and Development Practices, Sector Education and Training Authority, Prof Peliwe Lolwana, Associate Professor at Wits University’s Centre for Researching Education and Labour, and Sikhululekile Luwaca, former UFS Student Representative Council (SRC) president.

Education may require a new approach
During the panel discussion that was facilitated by Phiwe Mathe, former UFS SRC President and media officer in the Office of the Chief Whip of the Free State Legislature. The audience raised concerns regarding the future of funding for university study, the securing of employment and possibilities, if any, of entrepreneurship. In response to some of the concerns, Pali Lehohla said the realities of family dynamics in South Africa affected the ability of students to be properly profiled and funded, according to family income, and that most importantly, the solutions to Africa’s challenges had to come from within and not without. Students’ questions gravitated towards the question of whether higher education in its current form was still valuable or whether new models of teaching that would foster inclusion and earlier economic independence would be of better value.

The legacy of OR Tambo continues to be honoured
The notion of education as a driver for the liberation of South Africa and the continent as a whole, poverty alleviation and freedom from colonial rule are some of the building blocks of the legacy of Oliver Tambo.
Linda Vilakazi reiterated that students and student leaders would benefit from seeing the importance of using a broad-based African approach to the issues that plague them and their peers, rather than seeing their challenges outside of the continental context. Sikhululekile Luwaca said higher education must be more accessible, and in order to drive change, students should use their education to become future employers rather than employees and change the face of the future themselves as was envisioned by other liberation leaders.
Caption: Pali Lehohla, outgoing Statistician-General speaking at the Centennial celebration of Oliver Tambo.

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