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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

New SRC: Records of support and a victory for women

2014-09-04

Ms Mosa Leteane and Ms Louzanne Coetzee
Photo: Johan Roux

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While campuses across South Africa regularly report falling voter turnout in campus elections of student representatives, the University of the Free State, in its recently completed SRC elections, registered record levels of support across our campuses with a total voter turnout of 44%. At the Bloemfontein Campus 34,4% of students voted (5052 votes) and 53,3% (1583 votes) at the Qwaqwa Campus.

Also, for the first time under the new SRC constitution, students elected a woman to lead the student body – Ms Mosa Leteane was elected as President. Another first was the election of a blind woman to the SRC – Ms Louzanne Coetzee. She will be responsible for student accessibility of our Bloemfontein SRC. This marks a victory for women in student governance.

Mr Tulasizwe Sithole was elected as the President of the SRC at our Qwaqwa Campus.

The election of Ms Leteane as President underscores the progress achieved for gender equality with near half of her SRC consisting of women (48%).

These successes are all the more significant, since this is the 4th year of elections under newly adopted SRC constitutions that allow for broader participation of diverse student constituencies in student governance.

This means that the crucial 3-year mark to test a new approach and method in governance and elections was not only successfully reached, but also in its 4th year shows the constitution as one that sustains its impact to deepen democracy and citizenship among our 30,000-strong student body.

“The results of the SRC elections across campuses show that our students are not only ready to lead our campus communities on issues relating to justice, freedom and democracy beyond our societal legacies of race and gender, but do so also for the student movement nationally. We’re immensely proud of our students, who show courage and resilience to choose leaders not for expediency, but for significance, and to lead not for some, but for all”, the Dean of Student Affairs, Rudi Buys, said.

The Qwaqwa SRC was installed on 2 September 2014, while the Bloemfontein SRC will be installed on 5 September. The Central SRC will be established on 14 September by joint sitting of the two SRCs.

The SRC members 2014/15 at the Bloemfontein and Qwaqwa Campuses are as follows:

Bloemfontein Elective portfolios:
President: Ms Mosa Leteane
Vice Pres: Mr Waldo Staude
Secretary: Ms Dineo Motaung
Treasurer: Ms Maphenye Maditsi
Arts & Culture: Mr Stefan van der Westhuizen
Accessibility & Student Support: Ms Louzanne Coetzee
First Generation Students: Ms Mpho Khati
Media, Marketing & Liaison: Ms Lethabo Maebana
Legal & Constitutional Affairs: Mr Lindokuhle Ntuli
Sport: Ms Dominique de Gouveia
Student development & Environmental Affairs: Mr Victor Ngubeni
Transformation: Mr Tumelo Rapitsi

Bloemfontein Ex officio Portfolios
Dialogue & Ex officio: Associations Student Council: Mr Piet Thibane
Academic Affairs & Ex officio: Academic Affairs Student Council: Mr Jonathan Ruwanika
Residence Affairs & Ex officio: Campus Residences Student Council: Ms Melissa Taljaard
City student Affairs & Ex officio: Commuter Student Council: Ms Kerry-Beth Berry
Post graduate Affairs & Ex officio: Post Graduate Student Council: Ms Masabata Mokgesi
International Affairs & Ex officio: International Student Council: Mr Makate Maieane
Student Media Affairs & Ex officio: Student Media Council: Mr Samuel Phuti
RAG Community Service & Ex officio: RAG Fundraising Council: Mr Johan du Plessis
RAG Community Service & Ex officio: RAG Community Service Council: Mr Manfred Titus

Qwaqwa Elective portfolios:
President General: Mr Thulasizwe Sithole
Deputy President: Ms Zethu Mhlongo
Secretary General: Mr Vukani Ntuli
Treasurer General: Mr Langelihle Mbense
Media & Publicity: Ms Nongcebo Qwabe
Politics & Transformation: Ms Nkosiphile Zwane

Qwaqwa Ex officio Portfolios
Student Development & Environmental Affairs: Mr Ndumiso Memela
Academic Affairs: Mr Simon Mofekeng
Arts & Cultural Affairs: Ms Samkelo Mtshali
Off-Campus Students: Mr Khanyisani Mbatha
RAG, Community Service & Dialogue: Mr Njabulo Mabaso
Religious Affairs: Mr Mfundo Nxumalo
Residence & Catering Affairs: Ms Ntombifuthi Radebe
Sports Council: Mr Luvuno

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