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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

Minister praises MUCPP initiative

2004-10-04

The Minister of Labour, Mr MMS Mdladlana, singled out the Mangaung University of the Free State Community Partnership Programme (MUCPP) for high praise during a conference at the MUCPP complex on 30 September 2004 .

“I am very pleased with what the partnership of different stakeholders can do and I thank all stakeholders for contributing to this initiative. This is the kind of energy that our country needs,” the minister told delegates to the conference.

He said the MUCPP was a very unusual and important partnership that is related directly to the mandate of government and supports two strategic objectives of government, namely halving poverty and halving unemployment.

The MUCPP was launched in 1991 as a partnership between the University of the Free State , the local community of Mangaung, local and provincial government and the private sector, in an effort to develop skills and contribute to fighting poverty.

Some of the existing projects of the MUCPP include:

Health centre (including a 24-hour maternity ward)
Dairy producing yoghurt and amasi
Sewing and knitting project
Indigenous food production (Tsa se tso)
Bakery
Bed and Breakfast accommodation
Etsa phapang (a hydroponic facility growing various vegetables)
Welding project
Low cost housing project
Sport and recreation facilities and programmes

According to the Minister, hundreds of young people, adult learners and people with disabilities have benefited from training and skills development and have become involved in carpentry, welding, painting, cleaning services, gardening and HIV / AIDS awareness programmes.

Minister Mdladlana said he was pleased that through partnerships with several Sector Education and Training Authorities (SETAs) which fall under the Department of Labour, the MUCPP could access hundreds of thousands of rands for such training and development.

“I can just salute those that have made it possible, and to encourage you to keep up the good work,” the minister said.

The MUCPP also provides a means for students of the UFS to render community service. The UFS was one of the first universities in South Africa to adopt a comprehensive community service policy in 2002. In terms of the policy, community service is integrated into curricula through service learning modules.

It is therefore of great importance that the UFS should support community sites such as the MUCPP where a holistic and integrated approach to mutual and reciprocal development of all partners is followed.

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