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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 unveils portrait of Ms Winkie Direko

2005-11-28

During the unveiling ceremony were from the left Prof Frederick Fourie (Rector and Vice-Chancellor of the UFS), Mrs Direko, Judge Faan Hancke (Chairperson of the UFS Council) and Dr Charles Nwaila (Director-General of the Free State Provincial Government and Vice-Chairperson of the UFS Council). The blue background of the portrait depicts Ms Direko's philosophy of "the sky is the limit". She also wore the same outfit as what she has on in the portrait. Photo: Stephen Collett

UFS unveils portrait of Ms Winkie Direko
A portrait of Ms Winkie Direko, former Chancellor of the University of the Free State (UFS) and Premier of the Free State Province and currently a Member of Parliament, was unveiled today during the last session of the UFS Council for this year on the Main Campus in Bloemfontein.

The portrait, painted by the gifted artist Ms Reshada Crouse, now hangs in the Council Chambers of the UFS.

Ms Direko was sworn in as Chancellor of the UFS in August 1999. She was the first black person and first woman in this position at the UFS. She was succeeded by Dr Franklin Sonn.

“Ms Direko had an exceptional legitimacy in the black community because of her role in black education in the Free State (as principal) and community leader in the difficult ‘struggle’ period. This former principal’s simultaneous insistence on transformation as well as discipline and order at an educational institution was exactly what the UFS needed at that stage,” said Prof Frederick Fourie, Rector and Vice-Chancellor, during the unveiling ceremony.

“She also played a special role to bring the UFS and the Free State Provincial Government closer to each other. Her comprehension for the own nature of a university helped in times when difficult decisions had to be made. She also realised the value of the university’s expertise for her government. The Premier’s Economic Advisory Council, with the UFS rector and academics like Lucius Botes and James Moses in leading roles, was formed to undertake important research on economic development strategies in the Free State,” said Prof Fourie.

In her speech Ms Direko said that it is an unique experience for her to be catalogued in the history of the UFS. “I am humbled and proud to be associated with the UFS,” she said.

Ms Direko said that the UFS is on the right track with its transformation process. “I will continue to convince people that the UFS is for everyone and will fight for that until the end. But, it is important to see a visible change concerning transformation. The UFS must bring its side and speed up the transformation process. I know that it is a difficult road, but we cannot hide from the realities of our time,” she said.

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

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