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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 offers bursaries for interpreters

2005-12-01

The Unit for Language Management (previously Unit for Language Facilitation and Empowerment) at the University of the Free State (UFS) is offering bursaries to persons who want to apply for the Post-graduate Diploma in Language Practice (interpreting) for 2006.

The Unit was involved in the setting up of a comprehensive interpreting infrastructure at the Free State Legislature and provided the interpreting services for the Truth and Reconciliation Commission (TRC) for the latter’s full duration.

“The UFS supports a multilingual society. Our language policy, which was approved by the Council in 2003, is a striking example. This policy is in accordance with the national movement towards multilingualism and the recognition of language rights. Through the training of interpreters the UFS is empowering others to exercise their language rights and to partake meaningfully in formal conversations,“ said Prof Theo du Plessis, head of the UFS Unit for Language Management (ULM).

“The UFS has been using interpreter services at executive management meetings and other occasions such as meetings, seminars and conferences for several years. The demand for these services has risen quite considerably. We have found that the current three interpreters on the Main Campus will soon not be able to cope with this demand,” said Prof du Plessis.

According to Prof du Plessis institutions like the Mangaung Local Municipality and the Motheo District Municipality use the interpreter services of the ULM on a regular basis.
“Because the demand for interpreter services is becoming so great, the demand for trained interpreters is also increasing. This is why we are offering bursaries for persons who want to be trained as interpreters to register in 2006 for the Post-graduate Diploma in Language Practice (interpreting) as offered by the UFS Department of Afro-asiatic Studies and Language Practice and Sign Language,” said Prof du Plessis.

According to Prof du Plessis the UFS will be able to use these students on an ad-hoc basis to assist with interpreter services on the Main Campus or to deliver interpreter services to institutions outside the UFS.

The bursaries will preferably be awarded to persons with English as mother tongue with an above average knowledge of Afrikaans or Sesotho. The duration of the bursaries is one year and only tuition fees will be paid. “To qualify for the bursaries, prospective students must have an undergraduate qualification,” said Prof du Plessis.

The closing date for applications is 25 January 2006. For any enquiries, Mrs Susan Lombaard can be contacted at (051) 401-2405 or 072 605 4966 during office hours or at lombasc.hum@mail.uovs.ac.za.

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

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