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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 honours many during Autumn Diploma and Graduation Ceremony

2006-04-06

The University of the Free State (UFS) will award 857 diplomas and 2 579 degrees on 21 April 2006 and from 24-26 April 2006 during this year’s autumn diploma and graduation ceremony. Students from the Main Campus and Vista Campus will take part in the ceremony.

Altogether 35 doctorates and two honorary doctorates will be awarded. The honorary doctorandi are Mr Pieter Cox (Ph D (hc)) and Mr Terry Moss (Ph D (hc)). Mr Cox is the non-executive chairperson of Sasol Limited and Mr Moss is General Manager: Generation Business Enhancement at Eskom.

On 21 April 2006 at 08:30 altogether 347 diplomas in all the faculties (except the upgrading programmes in the School of Education) will be awarded. On the same day at 14:30 altogether 361 degrees in the Faculty of Economic and Management Sciences (excluding B Acc, B Admin, B Pub and related honours, master’s and doctor’s degrees) will be awarded.

On 24 April 2006 at 08:30 altogether 510 diplomas will be awarded in the School of Education (ACE, NPDE and CE). That same day at 14:30 altogether 314 degrees, one doctorate and one honorary doctorate will be awarded in the Faculty of Economic and Management Sciences (i.e. B Acc, B Admin, B Pub and related honours, master’s and doctor’s degrees). The honorary doctorate will be awarded to Mr Pieter Cox during this ceremony.

Mr Cox will be honoured for being the driving force behind Sasol’s global expansion and the subsequent listing of Sasol on the New York Stock Exchange. His passion and focus ensure that Sasol as a national asset is constantly making history, despite the sometimes hostile economic and environmental influences.

On 25 April at 08:30 altogether 325 degrees and 9 doctorates will be awarded in the faculties of Health Sciences, Law and Theology. That same day at 14:30 altogether 554 degrees, 13 doctorates and one honorary doctorate will be awarded in the Faculty of Natural and Agricultural Sciences. The honorary doctorate will be awarded to Mr Terry Moss during this ceremony.

Mr Moss is regarded as a modern-day South African industrialist. He will be honoured for his dedication to the provision of sustainable renewable energy to the citizens of South Africa and Southern Africa through the development and promotion of the hydroelectric power industry and other sources of renewable electrical energy.

On 26 April at 08:30 altogether 427 degrees and 5 doctorates will be awarded in the Faculty of the Humanities and that same afternoon at 14:30 altogether 598 degrees and 7 doctorates will be awarded in the School of Education.

Both the diploma and degree ceremonies will be held in the Callie Human Centre on the Main Campus in Bloemfontein.

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 April 2006

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