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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 establishes links with the University of Ghent

2007-11-15

The University of the Free State (UFS) recently formalised its co-operation ties with the University of Ghent in Belgium. The two universities signed a memorandum of understanding during the Accenta Trade Fair, an annual event that incorporates activities such as business seminars, cultural events and exhibitions.

The signing of the memorandum of understanding took place via a live video conference linking the two institutions of higher learning.

“It was a wonderful moment because, after signing the memorandum of understanding on the Main Campus in Bloemfontein, the Rector and Vice-Chancellor, Prof. Frederick Fourie, actually showed us his signature on the screen while we were in Ghent”, said Prof. Koos Bekker of the Department of Public Management at the UFS, who was part of the delegation from the Free State.

The delegation consisted of the Premier, Ms Beatrice Marshoff, and several MECs and senior officials from the Free State provincial government, as well as the mayor, councillors and senior officials of the Mangaung Local Municipality. Several staff members of the UFS were also part of the delegation.

According to Prof. Bekker, the two universities will co-operate in various areas in terms of the memorandum of understanding.

“In the short term the collaboration will be focused on bio-fuels, public management and the digital divide, while discussions in other areas such as health services and organised crime are also under way,” he said.

As part of the memorandum of understanding, the following collaborative efforts are also envisaged:

Mr Lyndon du Plessis, a lecturer in the Department of Public Management, will be enrolled for a Ph.D. at both universities as from September 2008.

A research project involving both universities, the Mangaung Local Municipality and the City of Ghent, will be undertaken.
An investigation will be conducted by both universities regarding the possibility of writing a book on performance management in the public sector (negotiations with the publisher in this regard are under way).

An exchange programme involving students and staff from both universities will be established.

Academics from the UFS delivered papers during one of the forums that formed part of the Accenta Trade Fair programme in Ghent. Prof. Koos Bekker and Mr Lyndon du Plessis from the Department of Public Management delivered papers on strategic planning in practice on the first day of the event, which was devoted to scientific seminars. On the second day Prof. Lucius Botes, Director of the Centre for Development Support at the UFS, delivered a paper on economic development issues, and on the third day Prof. Gustav Visser, Associate Professor in the Department of Geography at the UFS, delivered a paper on tourism.

Papers on bridging the digital divide were presented during the video conference by academics in both Bloemfontein and Ghent.

As guests of honour at the Accenta Trade Fair, the Free State delegation was allocated the main exhibition floor space, covering 1 092 m². The Main Exhibition Hall covers a total surface area of 40 000 m². The Accenta Trade Fair attracts an average of 100 000 visitors annually. The UFS also participated as an exhibitor at the Trade Fair.

This visit was a follow-up of the previous visit, during which the Free State delegation was hosted by the City of Ghent and the provincial government of East Flanders for planning purposes from 14 to 24 April 2007.

Media Release
Issued by: Mangaliso Radebe
Assistant Director: Media Liaison
Tel: 051 401 2828
Cell: 078 460 3320
E-mail: radebemt.stg@ufs.ac.za
14 November 2007

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