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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 launches focused research niche areas

2009-11-20

The University of the Free State (UFS) will launch its six research niche areas, the Strategic Academic Clusters, from 23-25 November 2009 on its Main Campus in Bloemfontein.

These Clusters represent a move from a fragmented to a more focused approach to research development at the UFS and will in future direct the University’s research endeavours.

“The UFS is increasingly operating in a competitive environment where South African universities no longer compete only with their national counterparts, but also internationally. With the Clusters the University will follow a focused approach to the strategic selection of niche knowledge platforms and research areas,” says Prof. Frans Swanepoel, Director of Research Development at the UFS.

The Clusters are: Water management in water-scarce areas; New frontiers in poverty reduction and sustainable development; Transformation in highly diverse societies; Technologies for sustainable crop industries in semi-arid regions; Materials and nanosciences; and Advanced biomolecular research.

“The Clusters embody the pursuit of quality and excellence and the name signifies the University’s concern not only with research, but also with under- and postgraduate teaching and learning. The vision is that the Cluster activities will not only drive world-class research outputs, but also contribute to internationally renowned graduate programme activities,” says Prof. Swanepoel.

Each of the Clusters is led by a dedicated director who provides academic leadership, facilitates cutting-edge research, leverages multidisciplinary synergies and coordinates the overall Cluster activities.

Next week’s launch programme will start on Monday, 23 November 2009 with a gala dinner, followed by a plenary symposium on Tuesday, 24 November 2009, during which the Clusters will be introduced.

Several national and international experts in the fields covered by the Clusters will take part in this symposium. They are, amongst others: Dr Danny Walmsley from St Mary’s University in Canada; Dr David Wolfe from Cornell University and Dr David Clark from the National Institute of Health, both in the USA; Mr Mark Ashley from the Desert Knowledge Cooperative Research Centre in Australia; Dr Ian Goldman from the Office of the Presidency in South Africa; Prof Peter Ewang from the South African National Development Agency; Mr Willem Louw from Sasol Technology; and Dr Pumla Gobodo-Madikizela from the University of Cape Town.

On Wednesday, 25 November 2009 each Cluster will present its own symposium.

Media release
Issued by: Lacea Loader
Deputy Director: Media Liaison
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: loaderl.stg@ufs.ac.za
20 November 2009

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