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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

An exceptional year at Kovsies — one of the most successful years in academic achievement
2014-12-04

 

The University of the Free State (UFS) had an exceptional year, with many staff members and students performing both nationally and internationally. Considerable progress has also been made in improving the academic standards of the university.

“So far, this has been one of the most successful years in academic achievement. The UFS now has the highest academic pass rate in years, partly as a result of the admission standards which were raised four years ago.

“We now also have the highest rate of research publications, one of the highest publication figures for scholarly books in history, three Mandela Rhodes scholars and several international communication awards”, says Prof Jonathan Jansen, Vice-Chancellor and Rector of the UFS.

“The university now attracts top professors from all over the country and other parts of the world and for the first time in many years, two researchers received A-ratings from the National Research Foundation (NRF). This is the first time in the history of the UFS that two A-ratings were awarded simultaneously. The most researchers ever were rated by the NRF this year. After the constant turmoil of a few years ago, Kovsies has now become one of the most stable campuses in South Africa,” Prof Jansen says.

The impartial findings of a recent survey of UFS stakeholders showed that our values are endorsed by 92%; 86% agrees with our vision; 81% agree with our goals; 77% agree with our transformation; 78% believe that we are inclusive; and 78% applauded our overall reputation index. “These figures are very different from a few years ago when the university experienced a crisis,” he says.
 
According to Prof Jansen, the UFS’s financial situation is one of the most stable of all universities in South Africa, with a strong balance sheet and growing financial reserves – way better than before. This is exactly the reason why the UFS received confirmation from the Independent Regulatory Board of Auditors (IRBA) this year that we complied with international standards of reporting for the financial year which ended on 31 December 2013.

“I am also pleased to report that the crisis in the delivery of health services in the Free State province has been resolved due to collaboration between the UFS Management (including the Dean: Health Sciences and Head of the School of Medicine), the Department of Health and the Premier, Mr Ace Magashule. Although the loss of skilled personnel is still a concern, the Dean and Head of the School of Medicine are recreating the Health Services Platform at Universitas Hospital. However, the academic training of no undergraduate medical student or any student in the Health Sciences was influenced by the crisis in the Universitas and Pelonomi Hospitals”, he says.

The UFS is regarded around the world as a model of transformation and reconciliation in the student body. The recent SRC elections are only the most visible example of how far we have come in terms of leadership diversity. “Not a week goes by in which other universities, nationally and abroad, do not come to Kovsies to consult with us on how they can learn from us and deepen their own transformations, especially among students”, Prof Jansen says.

“The UFS will continue its model of inclusive transformation which provides opportunities for study and for employment for all South Africans, including international students and colleagues. We remain committed to our parallel-medium instruction in which Afrikaans remains a language of instruction; we are in fact the only medical school in the country that offers education and training in Afrikaans and not only English. We provide bursaries and overseas study opportunities to all our students, irrespective of race. And our ‘future professors’ programme is richly diverse as we seek the academic stars of the future. But we remain steadfast in our goal of making the UFS a top world university in its academic ambitions and its human commitments,” Prof Jansen says.

 

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