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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 takes 70 first-year students to the USA

2010-08-20

Mr Rudi Buys (middle, with tie) with some of the students selected for the F1 Programme
Photo: Gerhard Louw

The University of the Free State (UFS) has announced the names of the first ever group of 70 first-year students that will travel to the United States of America (USA) as part of the university’s Student Leadership Development Programme.

This group of students will spend two weeks at universities in the USA to experience student life and learn about leadership and diversity at these universities.

“This is a first for not only the UFS, but also for South Africa and we are incredibly proud. The programme is unique to any other student leadership development programme in the country. We are leading the way and are taking students to live and learn amongst students at various universities across the USA,” said Mr Rudi Buys, Dean of Student Affairs at the UFS.

The programme was one of the goals of Prof. Jonathan Jansen, Rector and Vice-Chancellor of the UFS, which he aimed to realise when he was appointed by the UFS in 2009.

“With the programme we want to develop participants’ thinking and capacity to lead in the contexts of diversity and change and we hope to direct them to programmes leading change in student life in general upon their return,” Mr Buys said.

The 70 students will leave for the USA on 22 September 2010. After spending some time there and learning more about their American peers’ lives and culture, they will return to the UFS on 7 October 2010.

“We took great care in selecting the 70 participants. They are representative of all our students, as well as students from our Qwaqwa Campus,” said Mr Buys.

A rigorous selection process was followed, which focused on the students’ academic excellence, their participation in student- and residence-life programmes and their interest in growing in the areas of, amongst others, leadership, diversity and citizenship. Each candidate had to undergo a pre-selection process, followed by a panel interview consisting of staff from various faculties and divisions at the UFS.

The students will stay in groups of about ten at the various universities, which include universities such as Cornell University, New York University, the University of Massachusetts, the Appalachian State University and Virginia Polytechnic University. “These universities will provide our students with accommodation and will present various academic and cultural programmes which our students will participate in and learn from,” said Mr Buys.

“We have also put a programme in place to prepare our students thoroughly for the trip. Because some of them have never travelled on an aeroplane, let alone travelled to a foreign country, we have made arrangements with the Department of Home Affairs for assistance with travel documentation, as well as special arrangements with the USA Embassy for assistance with visas. They will also be attending workshops focusing on, amongst others, research, leadership and diversity before their departure on 22 September 2010.

“Upon their arrival in the USA the group of students will firstly be taken to Washington DC where they will be briefed about American customs, etc. From there they will be placed at the various universities,” said Mr Buys.

Upon their return the students must be involved in student-life programmes on campus, establish volunteer programmes and initiate and establish mentoring programmes for their fellow students. “We want them to give back what they have learnt and experienced,” said Mr Buys.

“We are planning on implementing the Student Leadership Development Programme as an annual programme and are looking forward to this incredible programme through which this group of first-year students will have the opportunity of a lifetime to be true ambassadors of South Africa and, in particular, the UFS, as they leave for the USA,” he said.

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

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