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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 helps to renovate schools

2005-10-10

Photo gallery

About 250 hostel students of the University of the Free State's (UFS) main campus yesterday painted and renovated four schools in the black townships of Bloemfontein. This was part of Kovsie Rag's new approach to be more directly involved with communities.

Students were transported with busses and performed tasks such as the painting of class rooms and outside walls and the cleaning and painting of gutters and window panes. The painting was judged by a panel of judges, that included the Rector and Vice-Chancellor, Prof Frederick Fourie. These points will contribute to the each hostel's final point in the Rag fund raising campaign for 2005/2006.

Some of the students who painted the gutters of Maboloka Primary School in Bochabelo were from the left Ms Tume Kowang (18) (first year student in B Accounting from NJ van der Merwe hostel); Ms Gloria Mangwane (19) (third year student in B Sc Biochemy from NJ van der Merwe hostel); Ms Adri Ras (21) (second year student in Occupational Therapy from Emily Hobhouse hostel) and Ms Malandi Els (20) (third year student in B Exercise and Feeding from Emily Hobhouse hostel).

See attached media statement:

UFS Rag and Eimpa paints assist with upgrading of schools

The spirit of Ubuntu will this year be truly reflected in the University of the Free State’s (UFS) Rag community out reach programme when senior students from the 23 hostels on the Main Campus will visit four less-privileged schools in the Mangaung area on Saturday 8 October 2005 to assist these schools in the upgrading of facilities.

The same day (Saturday 8 October 2005) the UFS first year students will visit the neighbourhoods in Bloemfontein from 08:00-13:00 to raise funds on an Ubuntu donation lists for Rag 2005/2006.

The Ubuntu project was started about seven years ago and it has grown each year. In the past the project was associated with a fundraising leg and a hostel publicity leg. This year the aim is to involve the community to demonstrate how important fundraising initiatives are to help those less-privileged.

The schools that will be visited are Legae Intermediary School in Batho, Mothusi Primary School in Rocklands, and the Maboloka and Lesedi Primary Schools in Bochabelo. The schools in the Manugaung area had until 31 August 2005 to complete a questionnaire identifying what assistance is needed. The Rag office, with the help of professional consultants from Eimpa Paints, chose four schools and visited each one to determine material/s needed to complete the work.

Eimpa Paints is a partner of the Ubuntu project and will be sponsoring all paint necessary to complete the work at the schools. All other material/s needed will be supplied by the UFS Rag office.

The hostels are divided into project teams and will clean and paint gutters and window sills and paint the walls of classrooms and outside walls. At Maboloka School for instance, a project team will also to paint a wall with colourful characters.

Media release
Issued by: Lacea Loader
Media Representative
Tel: (051) 401-2584
Cell: 083 645 2454
E-mail: loaderl.stg@mail.uovs.ac.za
7 October 2005

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