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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

Harvard couple to present lectures on Biostatistics and Mathematics at the UFS

2015-12-07

Professor Donald Rubin

Prof Donald Rubin (John L. Loeb Professor of Statistics at Harvard University) and Elizabeth Zell (MStat - mathematical statistician in the Division of Bacterial Diseases) will visit the University of the Free State (UFS) where they will present lectures on their respective work.

Over his prestigious academic career, Prof Don Rubin’s 400 publications and 13 books have earned him around 180 000 citations at an h-index of 113. He is one of the most cited statisticians/mathematicians/economists/psychologists in the world over the last 10 -15 years. He has supervised 35 PhD candidates as sole-supervisor, 17 more as co-supervisor, with a further eight in the pipeline.

Prof Rubin who will meet with UFS academics in the Department of Mathematics and Actuarial Sciences will also deliver a lecture: Rerandomisation to improve covariate balance in experiments.

Randomised experiments are the “gold standard” for estimating causal effects, yet in practice, chance imbalances often exist in covariate distributions between treatment groups. If covariate data are available before units are exposed to treatments, these chance imbalances can be mitigated by first checking covariate balance before the physical experiment takes place. Provided a precise definition of imbalance has been specified in advance, unbalanced randomisations can be discarded, followed by a rerandomisation. This process can continue until a randomisation yielding balance according to the definition is achieved. By improving covariate balance, rerandomisation provides more precise and trustworthy estimates of treatment effects.

Prof Rubin received an honorary professorship from the Faculty of Natural and Agricultural Sciences at the UFS.

Elizabeth Zell

The lecture will take place on:
Date: Tuesday 8 December 2015
Time: 16:00
Venue: Albert Wessels Auditorium, Bloemfontein Campus

Zell earned her Master’s degree in Statistics at North Carolina State University, and for more than two decades, was an active bio-statistical researcher in various offices of the Centers for Disease Control (CDC). Since 2013, she has been the Principal Statistician and President of Stat-Epi Associates, Inc. Her 150+ publications have earned her 14 500 citations at an h-index of over 50. She is a Fellow of the American Statistical Association, and, in 2010, she received the Statistics Section Government Award for outstanding contributions to statistics and public health by the American Public Health Association. During her career at the CDC, she earned more than 20 CDC research awards and honours.

She will deliver two lectures at the UFS. The first is entitled A Potential Outcomes Approach to Documenting the Public Health Impact of the Introduction of PCV13 for the Prevention of Invasive Pneumococcal Disease. The topic of her second lecture is: Assessing the Effectiveness of Intrapartum Antibiotic Prophylaxis for Prevention of Early-Onset Group B Streptococcus Disease through Propensity Score Design

Elizabeth’s lectures will take place on:
Date: Wednesday 9 December 2015
Time: 10:45 and 13:00
Venue: West Block 111, Bloemfontein Campus

For more information, please contact Dr Michael von Maltitz at VMaltitzMJ@ufs.ac.za.

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