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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

Staff, students, learners and the public opened their hearts during R5 coin-laying ceremony

2012-07-19

Photo: Sonia Small
18 July 2012

Amidst a festive atmosphere on the Red Square in front of the Main Building on the Bloemfontein Campus of the University of the Free State (UFS), students, staff, learners and members of the public came together to make their contribution to stop hunger.

In celebration of former president Nelson Mandela’s birthday, the university collected money and food in the form of a coin-laying ceremony, the packing of food parcels, and a message delivered by Emeritus Archbishop Desmond Tutu in aid of the university’s No Student Hungry (NSH) campaign and Bloemfontein Child Welfare.

Representatives from schools in Bloemfontein donated their R5 coins, together with university staff, students, members of the public, and employees of Pick n Pay Hyper. Money collected at the coin-laying ceremony will be shared between NSH and Bloemfontein Child Welfare.

According to Ms Grace Jansen and Ms Carin Buys, patrons of NSH, the more than R42 000 that was collected will be donated to Bloemfontein Child Welfare in an effort by NSH to give back to the community. “We are impressed by the number of people who showed up and by the fact that people opened their hearts and pockets to give,” said Ms Buys.

Thirty employees of Pick n Pay Hyper in Bloemfontein were also present and packed 1 833 food parcels (equivalent to 11 000 meals). This forms part of a Pick n Pay initiative in cooperation with Stop Hunger Now that is being held countrywide today.

In total, 88 000 meals will be distributed in six cities in South Africa today. The 11 000 meals in the Free State have been donated to the university and according to Ms Jansen a social worker at the UFS will distribute it to other needy students. These are students who do not receive bursaries from NSH at the moment. Every food parcel contains rice, dried vegetables, soya, and vitamin and mineral enriched powder.

The university was honoured to have Emeritus Archbishop Desmond Tutu as the speaker at the event. He attended a dialogue in the Series of Dialogue between Science and Society today at the university where he took part in a conversation with Profs. Mark Solms and Pumla Gobodo-Madikizela as part of the Global Leadership Summit.

He made a special appearance at the university’s Nelson Mandela Day festivities. His message was simple but inspiring: “Everyone has, just like Madiba, the capacity to change lives. I hope there are people present who can say that they want to improve someone else’s life. You have the chance to make South Africa a country where no one goes to bed hungry. Help us to make South Africa a country where we have compassion for each other and care for each other”.

The UFS would like to thank the following schools for their contributions:

Grey Kollege Primêre Skool
Grey Kollege
St Michael's School for Girls
Hoërskool Jim Fouché
Hoërskool Fichardtpark
Hoërskool Sentraal
Navalsig High School
HTS Louis Botha
Eunice High School

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