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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

UFS experimental farm to be redesigned as a training facility

2004-10-25

Back fltr:
Dr Léan van der Westhuizen, Manager: UFS Sydenham Experimental Farm; Prof Herman van Schalkwyk, Dean: Faculty of Natural and Agricultural Sciences at the UFS and Councilor Thami Stander, Chairperson: Mangaung Municipal Portfolio for Agriculture and Rural Development

Front fltr:
Mr Hanz Nketu, Chairperson: Free State Legislative Committee on Agriculture and Mr Peter Frewen from the Free State Legislature

The Faculty of Natural and Agricultural Sciences of the University of the Free State will soon sign a tri-partite cooperation agreement with the National African Farmers Union (NAFU) and the Mangaung Local Municipality with the aim of providing training and mentorship to small-scale and emerging farmers, including those recently settled under the on-going land redistribution programme.

The agreement is part of the Faculty’s strategic plan to support the on-going reform process in the country, of which Black Economic Empowerment in Agriculture (Agri-BEE) is an important part. The Free State Provincial Department of Agriculture is also actively supporting this initiative.

Under the plan, the Faculty is redesigning its experimental farm, located about 12 kilometers south of Bloemfontein, as a training facility to build up skills in among others broiler and egg production, dairy farming, animal husbandry, piggery, sheep and goat production. The idea is to introduce a comprehensive package that empowers the small and emerging farmers and the local communities adjoining the farms through simultaneous investments in research, extension, and practical agricultural training.

Learnerships are also being drawn up to provide productive skills in order to contribute to addressing the national skills gap and enhancing opportunities for both self and wage employment.

The residents of the adjoining informal settlement known as Mangaung Phase II where unemployment is currently at extremely high levels are primary targets of this component of the project. The Faculty intends for this project to service the farming communities of the Free State Province and gradually spread to other Provinces in the country.

Having recognised this training programme as a potential instrument for achieving “a united and prosperous agricultural sector”, the Free State Legislature has shown considerable interest in the programme.

Following a preparatory visit to the farms by the Agriculture Committee of the Free State Legislature a request was made to the Faculty to host a larger visit by the Legislative Committees of the Free State, North West and Eastern Cape Provincial Legislatures on Monday 25 October 2004 and present details of the training programme.

The President of NAFU in the Free State Province, Mr Nox Nonkonyana, the Dean of the Faculty of Natural and Agricultural Sciences, Prof Herman van Schalkwyk, the Chair of the Mangaung Municipal Portfolio for Agriculture and Rural Development, Councilor Thami Stander, and the Chairperson of the Free State Legislative Committee on Agriculture, Mr M Nketu, will address the Legislators during the occasion.

Prof Herman van Schalkwyk

Dean: Faculty of Natural and Agricultural Sciences

University of the Free State, Bloemfontein

Media release
Issued by: Lacea Loader
Media Representative
Tel: (051) 401-2584
Cell: 083 645 2454
E-mail: loaderl.stg@mail.uovs.ac.za
25 Oktober 2004

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