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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

Official opening: UFS earmarks R10-million to support national priorities

2006-02-06

The University of the Free State (UFS) is to align key areas of its academic and research efforts with national priorities through the introduction of five strategic clusters which would be funded by seedmoney of R10-million in 2006.

Speaking at the Official Opening of the UFS on Friday (3 February 2006), the Rector and Vice-Chancellor, Prof Frederick Fourie, said the academic and research work that will be done in the five strategic clusters would contribute to the development of Mangaung, the Free State, South Africa and Africa.

“It makes sense to concentrate the university’s human resources, our infrastructure, financial resources and intellectual expertise to ensure that the UFS makes a contribution to the country and the African continent,” Prof Fourie said.

“Strategic clusters will be organised on the basis that these areas of knowledge could become in the short term the flagships of the UFS, meaning those areas where the university currently has or in the very near future is likely to have some competitive advantage,” Prof Fourie said.

According to Prof Fourie, this strategic-cluster approach will be in line with the approach being designed by the National Research Foundation (NRF) to take national priorities into account and would enhance the quality of scholarship at the UFS.

The five strategic areas in which research and academic investment at the UFS will be clustered are the following:

Enabling technologies / Technology for the future;
Food production, quality and food security for Africa;
Development;
Social transformation;
Water resource and ecosystem management;

“Such strategic clusters are understood not only as research areas but as areas that also encompass strong undergraduate and particularly postgraduate teaching and a potentially solid scientific basis for service learning and community service research,” Prof Fourie said.

Within each of these clusters specific niche areas will be identified. Clusters could focus on one or more aspects of a particular discipline or could involve more than one discipline in researching a particular issue.

He said not all academic work and research being done at the UFS would be clustered in this way. Sufficient resources and support have been put in place for general research excellence in the past five years.

“Some of the spin-offs can have an important impact on industrial development, for example in the chemicals industry and may also create a basis for cooperation with provincial, national and international partners,” he 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
5 February 2006

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