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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

Faculty of Law establishes unique panel of advisors

2005-11-11

Photo: Stephen Collett

Some of the panel members who attended the Collegium Iurisprudentium of the Faculty of Law at the UFS were from the left His Honorable Judge of Appeal Lex Mpati (Vice-President of the Supreme Court of Appeal), His Honorable Judge of Appeal Joos Hefer (former Chief Justice of South Africa), His Honorable Judge of Appeal Frits Brand (Supreme Court of Appeal) and Mrs Alet Ellis (lecturer at the UFS Faculty of Law).

At the back from left were Prof Johan Henning (Dean: Faculty of Law at the UFS), His Honorable Judge Faan Hancke (High Court of the Free State and chairperson of the UFS Council) and Adv Jannie Lubbe Sc.

The Faculty of Law at the University of the Free State (UFS) has established a panel of advisors comprising of all the honorary and extraordinary professors of the faculty.

“The faculty has been known for its excellent practice-orientated training as well as the involvement of law practitioners in the training of LL B-students,” said Prof Johan Henning, Dean of the Faculty of Law at the UFS.

“The faculty was greatly dependent on the services of advocate lecturers, full-time members of the Bar and Side Bar who lectured on a part-time basis at the faculty. For this reason lecturing in the faculty was mainly done after-hours to part-time students,” said Prof Henning.

With the shift in emphasis to full-time lecturing and the appointment of full-time lecturers, especially because of the increasing student numbers, the full-time LL B-programme and the increasing pressure on students for quality research inputs, a greater need for meaningful contributions of judges and senior law practitioners to the faculty was experienced.

“To comply with this urgent need, three honorary professors and nine extraordinary professors were appointed. This group of experts deliver an indispensable contribution to the practice orientation of the faculty by means of formal lectures, public inaugural lectures and guest lectures, direct lectures to graduate and post-graduate students, participation in research projects and the constant evaluation of lecturers, modules and the content of modules and learning material. The international exposure of students and lecturers is also promoted by their contribution,” said Prof Henning.
“A need to have the involvement of this special class of professors structured in a more organised way was identified and a decision was made to establish an advisory panel called Collegium Iurisprudentium. It is a privilege to us that all the honorary and extraordinary professors accepted the invitation,” said Prof Henning.

The panel will provide the faculty with continuous, distinguished, practice- orientated capability and capacity as well as international expertise, not only for direct inputs to students but also to advise lecturers about the curriculum, the compilation of the content of the LL B and M module, learning material and others, as well as to strengthen the research capacity of the faculty.

“The panel will also deliver a decisive contribution to the faculty’s preparation for the constitutional audit of the Higher Education Quality Committee (HEQC) of the Council for Higher Education (CHE) that will take place in October 2006,” said Prof Henning.

The Collegium Iurisprudentium, which has been formally constituted, comprises of:

Appeal Court Judge J J F Hefer,
Appeal Court Judge L Mpati
Appeal Court Judge F D J Brand
Appeal Court Judge I G Farlam
Prof B A K Rider
Judge S P B Hancke
Judge A Kruger
Judge D H van Zyl
Adv S J Naudé
Adv J Lubbe Sc
Prof M M Katz
Prof R J Cook
Mr S van de Merwe
Mr W van der Westhuizen
Mr D C M Gihwala

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

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