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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

An incident-free recess for the UFS

2010-07-19

The improved security measures at the University of the Free State (UFS) have resulted in an incident-free recess on the Main Campus in Bloemfontein during the 2010 FIFA World Cup and the annual Volksblad Arts Festival.

The UFS provided accommodation for international spectators visiting the country for the World Cup and recently also hosted the hugely popular Volksblad Arts Festival without any security glitches.

These successes could be attributed to the hard work of staff members from various divisions at the UFS to ensure that the security was improved.

“The main question we had to deal with was: should our Main Campus be fenced off? This matter had been under discussion for quite some time. In order to ensure the feasibility thereof, a second impact study was done by a consulting engineer,” said Prof. Niel Viljoen, Vice-Rector: Operations at the UFS.

“This study has shown that, given the nature of activities on the campus and the access configuration, it would be difficult, if not impossible, to effectively control access to the campus, especially as far as visitors were concerned. Any type of access control measure would result in delays at the gates, which could have a major impact on the traffic flow, delays, costs and emissions.”

“It is important that our staff and students feel safe on the Main Campus, whether they are walking on campus or working in their offices. In that way we can ensure an environment that is conducive to staff and students to work and study,” he said.

Various measures are being implemented to make the campuses safer. These include, among others:

The installation of alarms in buildings on the Main Campus. The project for the South Campus has been completed and the installation of a new alarm system on the Qwaqwa Campus will start soon.
Staff and students will be required to wear identification cards once the new identification system has been put in place. These cards will allow access to all buildings.
Fences around the Main Campus are being repaired and the areas around these fences are being cleaned. This project should be completed by August 2010.
Lights will be installed in badly lit areas on the Main Campus. The first phase of this project includes the area between the Mooimeisiesfontein, Welwitschia and Vergeet-my-nie residences. This project will also be completed by August 2010.
The walkways on the Main Campus will be patrolled more frequently and effectively.
Contracted security workers will be utilised more effectively.
The monitoring of security cameras on the Main Campus on a 24/7 basis. “For this purpose the security room of our Protection Services is in the process of being upgraded,” said Prof. Viljoen.

The possibility of placing security cameras and panic buttons in parking areas and walkways is investigated.

Media Release
Issued by: Mangaliso Radebe
Assistant Director: Media Liaison
Tel: 051 401 2828
Cell: 078 460 3320
E-mail: radebemt@ufs.ac.za
16 July 2010

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