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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 shines in MBA survey

2006-10-25

Here are Prof Tienie Crous (Dean: Faculty of Economic and Management Sciences at the UFS) and Prof Helena van Zyl (Director of the UFS School of Management) with a copy of the Financial Mail.
Photo: Leonie Bolleurs

UFS shines in MBA survey
According to a recent survey published in the Financial Mail, the MBA programme presented by the School of Management at the University of the Free State (UFS) was rated jointly second best in the country by its graduates in terms of quality and standard.
The UFS MBA Programme was also rated fourth best by its graduates in terms of relevance to their business.

“I am overwhelmed and very proud that the School of Management, although we are a young school and have only been in existence for 7 (seven) years, has been rated so high by our graduandi. The School contributes in a very special way to much-needed business training in central South Africa,” said Prof Helena van Zyl, Director of the UFS School of Management.

“According to the survey, we have the lowest acceptance rate of applicants for the MBA programme, with only 33 students being accepted out of every 100 who apply. In general, we do not compromise on quality – as stated by our slogan: Be worth more. Given the quality of the programme, our MBA is very affordable – it offers real value for money,” said Prof van Zyl.

According to Prof van Zyl, the School of Management has had an increase the past 6 (six) months in enquiries from prospective students from Gauteng who are interested in studying the MBA programme. “They are even prepared to travel to Bloemfontein to attend classes,” she said.

This year Financial Mail moved away from an overall MBA ranking to a detailed consideration of subject area strengths for each business school in South Africa. The subject Strategy offered at the UFS School of Management was rated second in the country while the subject Economics also received the same rating.

“The School of Management is the flagship of the Faculty of Economic and Management Sciences. It gives the UFS and this faculty a standing in corporate South Africa. This is largely due to Prof Helena van Zyl’s strategy to position the school and making it visible on a national level,” said Prof Tienie Crous, Dean: Faculty of Economic and Management Sciences at the UFS.

According to Prof Crous, the UFS School of Management provides students with opportunities to obtain first-hand experience of how big and successful companies are managed. “For instance, our MBA students undertake an overseas study tour every year. This year they visited amongst others the headquarters of Airbus in Toulouse, France and next year they will be visiting the headquarters of Toyota and Yamaha in Japan,” said Prof Crous.

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

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