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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

Another boost for sport at the UFS

2005-10-13

A contract formalizing the appointment of Sports Plan (Pty) Ltd was signed by Prof Verschoor and Mr Morne du Plessis in the historic Main Building of the UFS Bloemfontein campus.

The University of the Free State (UFS) has officially appointed Sports Plan (Pty) Ltd, which has former Springbok rugby captain Morné du Plessis as managing director, to manage its Centre for Exercise and Sport Science Services (CESSS) on the Bloemfontein campus.

According to Prof Teuns Verschoor, Vice-Rector: Academic Operations, the appointment of Sports Plan (Pty) Ltd is another step in the implementation of the UFS’s wide-ranging sport strategy to improve sport facilities and elevate formerly marginalized sports such as soccer, hockey, netball, tennis etc.

Sports Plan (Pty) Ltd is the manager of the Sports Science Institute of South Africa and coordinates and manages the national basketball high-performance programme of SA Basketball, as well as the Boxing Academy on behalf of Boxing South Africa.

“It is also actively involved with the sports plans of several tertiary institutions like that of the University of Johannesburg and the University of Stellenbosch,” said Prof Verschoor.

“Sports Plan (Pty) Ltd was also appointed by the Ministry of Sport and Recreation to manage the allocation of sports codes to high-performance centres and to oversee the allocation of monies received from the National Lottery to these centres – this includes the CESSS at the UFS,” Prof Verschoor added.

In unfolding its national sports plan, the Ministry of Sport and Recreation has already identified the UFS-based CESSS as the high-performance testing centre for the national basketball teams whilst the national boxing teams are also earmarked to be trained at the UFS.

“We are glad to be associated with a company of this stature and look forward to work with them in the further development of sports at the UFS,” said Prof Verschoor.

According to Prof Verschoor, the CESSS will act as a centralised body that is responsible for the coordination and management of joint initiatives between professional service providers, research projects and KovsieSport.

“The centre will also coordinate and manage joint initiatives between various academic programmes in different academic subject fields such as sports medicine, bio kinetics, physiotherapy, dietetics, etc. ,” said Prof Verschoor.

These initiatives will help the UFS to become a centre and catalyst of sports development, to become internationally recognised in the field of exercise and sports science research and to become a centre for high quality sports performance enhancement.

Some of the objectives of the CESSS are:

To provide sports science services like to athletes, students, the general public and other stakeholders including certain national sport teams.
To provide the necessary teaching and training facilities and internship opportunities for UFS students in sports related fields of study will also be provided by the centre like human movement science.
To present skills-transfer programmes directed at the broader community like development of skills in various sporting codes.
To continue and extend the current chronic risk reversal programmes presented by the Department of Human Movement Science such as obesity management, cardiac rehabilitation and other lifestyle related conditions.

The centre was founded in 2003 and was until now managed by Dr Louis Holtzhausen, from Kovsie Health and a consultant, Dr Gary Vorster.

A contract formalizing the appointment of Sports Plan (Pty) Ltd was signed today by Prof Verschoor and Mr Morne du Plessis in the historic Main Building of the UFS Bloemfontein campus.

The manager of the centre appointed by Sports Plan (Pty) Ltd is Mr Charles Store, an alumnus of the UFS, previously employed at the Sports Science Institute in Cape Town and by the SANDF at 3 Military Hospital, Bloemfontein.

Media release
Issued by: Anton Fisher
Director: Strategic Communication
072-207-8334
12 October 2005

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