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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 first to mechanise agricultural technique

2006-05-09

Small farmers from Thaba `Nchu were the biggest group attending the farmers day at the UFS Paradys experimental farm. From the left are Mr David Motlhale (a small farmer from Thaba 'Nchu), Prof Leon van Rensburg (lecturer at the UFS Department of Soil, Crop and Climate Sciences and project leader), Mr Nhlonipho Nhlabatsi (Agricultural Research Council, Glen), Ms Meisie Mthethwa (small farmer from Bloemspruit). In front is Mr Patrick Molatodi (chairperson of the Tswelopele Small Farmer Association).

Some of the participants of the farmers day at the UFS Paradys experimental farm were from the left Prof Leon van Rensburg (lecturer at the UFS Department of Soil, Crop and Climate Sciences and project leader, Mr Patrick Molatodi (chairperson of the Tswelopele Small Farmers Association) and Prof Herman van Schalkwyk (Dean: UFS Faculty of Natural and Agricultural Sciences).

UFS first tertiary institution in world to mechanise agricultural technique
The University of the Free State (UFS) is the first tertiary institution in the world to mechanise the in-field rain water harvesting technique on a commercial scale.

The technique was recently demonstrated to about 100 small farmers at the UFS Paradys experimental farm outside Bloemfontein.

“With this technique rain water is channeled to the plant and in this way food security is increased. The advantage of the technique for commercial farmers lies in the reduced cultivation of land. Small farmers will benefit from this because they can now move out into the fields and away from farming in their back yards,” says Prof Leon van Rensburg, lecturer at the UFS Department of Soil, Crop and Climate Sciences and project leader.

Rain water harvesting is an antique concept that was used by communities before the birth of Christ. In South Africa the technique is mainly used in the plots of small farmers where they make surface structures by hand.

"The technique is also used for the first time by the UFS on commercial scale by means of the cultivation of a summer crop on 100 ha at the Paradys experimental farm,” says Prof Leon van Rensburg,

Of the farmers who attended the farmers day most represented about 42 rural communities in the vicinity of Thaba ‘Nchu. A group of seven from KwaZulu-Natal also attended the proceedings. These small farmers can for example apply this technique successfully on the 250-300 ha communal land that is available in the Thaba ‘Nchu area.

The project is funded by the UFS and the National Research Foundation (NRF) and the farmers’ day was funded by the Water Research Commission.

Media release
Issued by: Lacea Loader
Media Representative
Tel: (051) 401-2584
Cell: 083 645 2454
E-mail: loaderl.stg@mail.uovs.ac.za
9 May 2006

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