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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 cracks down on crime on campus

2006-03-15

A comprehensive plan to step up the security on the Main Campus of the University of the Free State (UFS) in Bloemfontein, was approved by the Executive Management (EM) this week.

“The plan briefly comprises of the introduction of reasonable and affordable measures that will promote a safe campus and working environment,” said Rev Kiepie Jaftha, Chief Director: Community Service at the UFS.

“With the plan we want to try and create a user friendly, but safe campus,” said Rev Jaftha.

The plan is the result of an intensive investigation about campus security done by an EM task team.

The following measures will be implemented immediately in phases:

The five current vehicle entrances and exits will remain (i.e. the gate at Nelson Mandela Avenue, the gate at Roosmaryn, the gate at Agriculture, the Wynand Mouton Avenue gate and the Furstenburg Road gate).

The number of smaller pedestrian gates will be reduced and security at those remaining will be increased.
The fences around the campus will remain, upgraded and patrolled on a daily basis.

The security measures at high risk areas (e.g. the Kovsie Church) will be stepped up and the fences in these areas will be electrified.

Vehicle exit control will be stepped up at the gates by means of a mixture of electronic and compulsory visual security control.

Public areas, streets and footpaths will be patrolled and shrubs and trees will be cut and pruned. The streets, footpaths and buildings will also be lit.

Speed reducing mechanisms will be implemented before and after the security control points at all the gates.
Additional staff will be appointed to facilitate the flow of traffic at the gates.

“Over and above these measures, the EM also approved in principle the installation of electronic equipment at all the entrance gates. This will include the installation of cameras,” said Rev Jaftha.

According to Rev Jaftha the installation of the electronic equipment will be complemented by the compulsory cutting and restarting of engines for all vehicles exiting the gates. The measure has been in force since 1 February 2006.

Last year special measures were put in place to safeguard residences and their inhabitants when security guards were placed at all the ladies residences. These measures will stay in force.

“Regular audits will be done to determine the effectiveness of the strategies and systems. Although crime in and around the campus grounds can never be completely eradicated, we want to strive to create an environment on campus and in the workplace where it can be limited,” 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
15 March 2006

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