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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 to get transformation plan for African context

2005-02-04

The University of the Free State is to draft a comprehensive Transformation Plan to give impetus to the process of making the UFS an inclusive, non-racial, non-sexist, multi-cultural and multi-lingual university within the African context.

Delivering a keynote speech at the Official Opening of the UFS today, the Rector and Vice-Chancellor, Prof Frederick Fourie, said the Transformation Plan would include aspects such as employment equity, institutional culture, academic excellence, and other elements.

He added that another aspect to be considered in the academic element of the Transformation Plan was the issue of the African context, of a university for Africa, in Africa, of the African university.

According to Prof Fourie, the best way of understanding the role of the UFS in Africa and for Africa, is for the university to become a truly engaged university that bridges the gap between the institution and the community. He said the UFS had for more than 10 years been at the forefront of transformation in higher education, and had gone through several phases of transformation. However the UFS needed to embark on a new phase of transformation which would be guided by a comprehensive Transformation Plan.

The Transformation Plan would be the result of an inclusive consultation process involving staff, students, alumni and other stakeholders. It would also be based on a review of current policies and practices.
The process would be led by a Transformation Plan Team, co-ordinated by the Vice-Rector: Academic Operations, Prof Teuns Verschoor, and the Vice-Rector: Student Affairs, Dr Ezekiel Moraka.

“Obviously we should also not underestimate the complexities of transformation and of building a new society, given our complex history and the legacies of poverty, underdevelopment, colonialism and apartheid.

“We must consider support for staff involved in these transformation steps, including appropriate staff development, capacity to support transformation processes, as well as flexible and supportive administrative practices,” Prof Fourie said.

He said the UFS management understood the urgency of transformation in the current democratic South Africa and the changing global environment and appealed to staff and students to participate fully in drafting the Transformation Plan for the UFS.

“Transformation at the UFS has been and will continue to be a process with many facets that seek to enhance excellence in all spheres of university life, and is much more than merely ensuring employment equity,” he said.

Prof Fourie said: “We have reached a historic moment in the life of the UFS where innovative thinking and bold steps yet again are necessary because failure is not an option.”

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

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