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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 involved in project to light up the townships

2006-06-06

The parties involved with the project are from the left: Prof Hendrik Swart (Departmental Chairperson of the UFS Department of Physics), Dr Thembela Hillie (CSIR), Prof Neerich Revaprasadu (Department of Chemistry at the University of Zululand) and Dr Wynand Steyn (CSIR).

UFS involved in project that could light up the townships

The University of the Free State’s (UFS) Department of Physics is involved with a project that could make life easier in the townships through the use of artificial light.

“The project is based on the use of sunlight to activate nano material in for example cement and paint during the day. At night the cement or paint can then radiate light,” said Prof Hendrik Swart, Departmental Chairperson of the UFS Department of Physics.

According to Prof Swart an amount of R3,9 million has been made available by the Council for Scientific and Industrial Research (CSIR) for the further development of the project.

Prof Swart visited the University of Florida in America in 1995 for a year where he researched luminescent phosphor material that is suitable for flat panel television screens. The red, green and blue spots on the television screens originate from these kinds of phosphor materials. “At that stage plasma television screens were only a dream. Today it is sold everywhere,” said Prof Swart.

“Upon my return I started a research group at the UFS which investigated the degrading of phosphor material. We also started to concentrate on the effectiveness of nano phosphors. In the mean time our cooperation with the Americans was strengthened with follow-up visits to America of my colleagues, Prof Koos Terblans and Mr Martin Ntwaeaborwa,” said Prof Swart.

“Nano phosphors are basically luminescent powders that consist of particles that are 1 millionth of a millimetre. These particles can provide light as soon as they are illuminated with, for instance, sunlight. The amount of time these particles can provide light, is determined by the impurities in the material,” said Prof Swart.

According to Prof Swart nano particles are developed and linked to infrastructure materials in order for these materials to be excited during the day by sunlight and then it emits light during night time.

“The nano material is of such a nature that it can be mixed with materials, such as paint or cement. The yellow lines of roads can for example emit light in a natural way during night time,” said Prof Swart.

About a year ago Prof Swart and Dr Thembela Hillie, a former Ph D-student of the UFS Department of Physics, had discussions with Prof Neerich Revaprasadu from the University of Zululand and the CSIR about the possibility of mixing these nano phosphor particles with other materials that can be used as light sources in the building of roads and houses.

“Prof Revaprasadu is also actively involved in the research of nano materials. Our efforts resulted in the CSIR approving the further extension of the project,” said Prof Swart.

“The UFS and the University of Zululand are currently busy investigating ways to extend the light emitting time,” said Prof Swart.

“There are eight M Sc and Ph D-students from the UFS and about five students from the University of Zululand working on this research project. The Department of Physics at the Qwaqwa Campus of the UFS, with Francis Dejene as subject head, is also involved with the project,” said Prof Swart.

According to Prof Swart the further applications of nano materials are unlimited. “Children whose parents cannot afford electricity can for instance leave any object such as a lamp, that is covered with these phosphor particles, in the sun during the day and use it at night as a light for study purposes,” said Prof Swart.

According to Prof Swart the further extension of the project will take about two years. “During this time we want to determine how the effectiveness of the phosphors can be increased. Discussions with the government and other role players for the possible implementation of the project are also part of our planning,” said Prof Swart.

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

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