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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.  

News Archive

Prof Habib addresses inequality at public lecture
2014-08-06

 
One of South Africa’s leading political commentators, Prof Adam Habib, gave a public lecture and launched his latest book on the Bloemfontein Campus on Wednesday 30 July 2014. The event was hosted by the Department of Philosophy in association with Wits University Press and The Southern African Trust.

Prof Habib started his lecture by summarising his book, ‘South Africa’s Suspended Revolution: Hopes and Prospects’. “It is basically about: how did we get where we are today, and how do we get out of the mess we are in?” he said.

His book focuses on South Africa’s transition into democracy and the country’s prospects for inclusive development – which formed the basis of his talk. Prof Habib stressed the issue of inequality facing South Africa and discussed the different approaches to addressing the matter.

“The one approach is that it is simply something we have to live with,” he said. “People who believe this live in a bubble. For example, service delivery protests do not happen because of poverty – it happens because of inequality.”

Prof Habib cautioned against not taking the matter seriously. “Inequality went up consistently in South Africa over the last 20 years. This is however not solely a national challenge, but a global challenge. And South Africa is the frontline of the war on inequality.”

He proposed that the expectations of the rich, rather than the poor, should be addressed.
“We need to moderate expectations. But we can’t moderate the expectations of the poor, if not the rich. We can’t ask the poor to sacrifice what the rich won’t.

“South Africa is once again at a moment of reckoning, where we are forced to make hard choices – in order to make the right choices.”


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