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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

Boyden observatory celebrates its achievements

2004-10-05

The red carpet will be rolled out and champagne glasses filled tonight when the Boyden Observatory outside Bloemfontein will launch the first phase of the new science centre.

This phase, which was completed earlier this year, consists of a new auditorium, reception area and paths which connect educational visiting points on the Boyden terrain.

“Over the past two years the Boyden Observatory has been re-sited as a research, educational and public facility. The new facilities are now being utilised for educational and public programmes. The 1,5m Boyden telescope has also recently been upgraded and is used for research purposes,” says Dr Matie Hoffman from the University of the Free State’s (UFS) Department of Physics, who is responsible for the management of the centre.

“The Boyden Observatory is a unique facility of the UFS - we are one of the few universities in the world who has its own observatory,” says Dr Hoffman.

“The main purpose of the science centre is to create enthusiasm for science amongst the public. The centre also has a great educational function and focuses specifically on the improvement of the quality of science education in the Free State,” says Dr Hoffman.

Fund-raising for the planned second phase of the science centre, which will consist of interactive in- and outside exhibition areas, will also start tonight. “After the completion of the second phase the Boyden Observatory will probably become the most accessible and public-friendly observatory in the country and a great asset for the Free State Province,” says Dr Hoffman.

A small robotic telescope, which will be controlled from the University College Dublin in Ireland, will also be installed at the Boyden Observatory this year.

“Just as this year is a significant one for the UFS with its centenary celebrations, so it is also a significant one for the Boyden Observatory. The Harvard University in the United States of America started with the construction of the original 1,5 m telescope in its original form 100 years ago, the telescope was put in place at Boyden 70 years ago and Mr Uriah Boyden – the person who donated the money with which the Boyden Observatory was constructed, was born 200 years ago,” says Dr Hoffman.

The first phase of the science centre was built with funds sponsored by the AngloGold Fund, the Shuttleworth Foundation, the Charl van der Merwe Trust and the Lila Theron Trust. Donations from the Friends of Boyden Observatory and other individuals also contributed to the success of the project.

Those who are interested in educational tours of the science centre can contact Dr Hoffman at (051) 401-2322.

Media release
Issued by: Lacea Loader
Media Representative
Tel: (051) 401-2584
Cell: 083 645 2454
E-mail: loaderl.stg@mail.uovs.ac.za
5 October 2004

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