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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

SASOL TRAC laboratory launched at UFS Qwaqwa Campus

2006-05-08

Some of the guests attending the launch of the Sasol TRAC Laboratory at the University of the Free State's (UFS) Qwaqwa Campus were from the left Prof Peter Mbati (Principal of the Qwaqwa Campus), Mrs Zimbini Zwane ( Communications Manager of Sasol Infrachem), Prof Gerhardt de Klerk (Dean : UFS Faculty of the Humanities), Prof Fred Hugo
Director of TRAC SA) and Prof Jack van der Linde (Director of RIEP at the UFS).

SASOL TRAC laboratory launched at UFS Qwaqwa Campus

The Research Institute for Education Planning (RIEP) of the University of the Free State (UFS) today unveiled the Sasol TRAC Laboratory at its Qwaqwa campus.

The laboratory will be used to help grade 10, 11 and 12 learners and educators from the Qwaqwa region to conduct the experiments from the physical sciences outcome-based curriculum.

“The Sasol TRAC Laboratory introduces learners not only to the latest technology used by engineers and other scientists in practice but also to stimulate the learner’s interest in the field of science in such a way that more of them will enter into science related careers,” says Mr Cobus van Breda, Co-ordinator of the TRAC Free State Regional Centre.

According to Mr van Breda the newly established Sasol TRAC Laboratory will enable RIEP to train learners and their educators in Physical Sciences. The laboratory will consist of six work stations equipped with computers and electronic sensors.

“Learners from the Qwaqwa region will visit the Sasol TRAC Laboratory on regular basis to conduct experiments based on the curriculum. Data will be collected with electronic apparatus and presented as graphs on the computer so that results can be analysed and interpreted,” says Mr van Breda.

“There is a serious shortage of suitable qualified teachers in maths and science in the Qwaqwa region. Many schools in the region are not yet part of the RIEP project and are in dire need of assistance. A large number of these schools are in remote areas not reached regularly by intervention programmes,” says Prof Peter Mbati, Principal of the UFS Qwaqwa Campus.

“The establishment of the Sasol TRAC Laboratory at the Qwaqwa Campus provides us the opportunity to engage with our community and assist in the development and training of these vital education subjects. We are pleased that Sasol agreed to fund the project,” says Prof Mbati.

Students from the Qwaqwa Campus will also benefit from the TRAC programme. “Some promising students will also undergo further training and become assistants for the TRAC programme,” says Prof Mbati.

“Nurturing science and mathematical skills is of great importance in growing our national economy. Annually, Sasol invests more than R50 million in supporting mathematical and science education in South Africa. Our primary aim is to increase the number of learners gaining access to tertiary education in the science fields. Therefore, our Corporate Social Investment (CSI) education interventions at secondary school level focus on educator development and direct learner interventions such as the Sasol TRAC Laboratory,” explains Ms Pamilla Mudhray, CSI and SHARP manager at Sasol.

According to Ms Mudhray the implementation of the National Curriculum Statement for physical sciences in the further education and training (FET) phase from 2006, under resourced schools will need greater access to the tools and equipment necessary to teach the syllabus and fulfil the ideals of the curriculum.

TRAC South Africa is a national non-profit programme focused on supporting and expanding science, mathematics and technology education in secondary schools. The programme was first introduced to South Africa in 1994. In 2005, RIEP established the TRAC Free State regional centre on the UFS 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 May 2006

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