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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

Recognition to excellent researchers

2004-11-16

The University of the Free State will give recognition to excellent researchers at UFS on Tuesday 16 November 2004. “This recognition function will also serve as the first annual lecture in research excellence,” says Prof Frans Swanepoel, Director of Research Development Division at the UFS.

This is the first occasion of its kind in the UFS. It coincides with the university’s centenary celebrations. The recognition of excellent research shows the UFS’s commitment and innovative focus on research as one of its core functions,” says Prof. Swanepoel.

Recognition will be given in different categories. They are female researchers, black researchers, young researchers, C- and L-Rated researchers, researchers with significant research outputs, B-Rated researchers and distinguished professors in research.

The promotion of equity and development of research capacity of designated groups is one of the objectives of the UFS’s research strategy therefore the university is recognising the research achievements of 21 women and 16 black persons. Amongst these are Prof. Margaret Raftery (English and Classical Languages), Dr Liesl van As (Zoology and Entomology), Prof. Peter Mbati (head of the Qwaqwa campus) and Prof. Charles Ngwena (Constitutional Law and Philosophy of Law).

The UFS is also recognising nine young researchers. They must hold a doctorate and have the potential to establish themselves as researchers within a five-year period based on their performance and productivity as researchers during their doctoral studies and/or early post-doctoral careers. Amongst them are Dr Esta van Heerden (Microbial Biochemical and Food Biotechnology) and Prof. André Jooste (Agricultural Economics).

Fifty-eight established researchers with a sustained recent record of productivity are receiving recognition in the C- and L-rated researchers’ category. Amongst them were Prof. Hennie van Coller (Afrikaans, Dutch, German and French) and Prof. Gert Erasmus (Animal- and Wildlife- and Grassland Sciences).

Prof. Francois Tolmie (New Testament) and Prof. Gina Joubert (Biostatistics) are two of the twelve researchers that are receiving recognition for having excelled in research outputs during recent years.

Nine researchers are acknowledged in the B-category for the international recognition they receive from their peers for the high quality and impact of their recent research outputs. Amongst them were Prof. Johan Grobbelaar (Plant Sciences) and Prof. Hendrik Swart (Physics). Prof. Grobbelaar focused in his research on limnology, algal biotechnology, plant stress and Prof. Swart focused on solid state physics and degradation mechanisms that are responsible for the degradation of field emission and TV displays.

Seven individuals are recognised for their exceptional achievements as researchers. Prof. Frederick Fourie, Rector, but previously in the Department of Economics, is recognised for his research in two policy areas: Political Economics, Government Finance and Fiscal Policy, and Industrial Economics, in particular analysis of the South African industrial structure and competition policy, where his research contributions played a key role in reforming South Africa’s competition policy.

Prof. Lodewyk Kock (Microbial, Biochemical and Food Biotechnology) focuses in his research mainly on pure and oxidised edible oil where yeasts are used as a study model. He obtained national as well as international recognition for this research program.

The UFS is also awarding the S2A3 Bronze Medal to recognise a Master’s degree student who has delivered outstanding research in one of the sciences. Mr Pieter Taljaard and Ms Tania Venter are recognised in this category.

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

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