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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.  

News Archive

UFS staff get salary increase of at least 7,25%
2007-11-20

 

During the signing of the UFS's salary agreement were, from the left: Mr Olehile Moeng (Chairperson of NEHAWU), Prof. Frederick Fourie (Rector and Vice-Chancellor of the UFS), and Prof. Johan Grobbelaar (Chairperson of UVPERSU and spokesperson of the Joint Union Forum).
 

UFS staff get salary increase of at least 7,25%

The University of the Free State’s (UFS) management and trade unions have agreed on an increase of 9,32% in the service benefits of staff for 2008. This includes a general minimum salary increase of 7,25%.

A once-off non-pensionable bonus of R3 000 will be paid in December 2007.

The agreement was signed today by representatives of the UFS management and the trade unions, UVPERSU and NEHAWU.

“As the state subsidy level is unfortunately not yet known, remuneration could vary several percentage points between a window of 7,25 and 8,39%,” said Prof. Frederick Fourie, Rector and Vice-Chancellor of the UFS.

Should the government subsidy be such that the increase falls outside the window of 8,39%, the parties will negotiate again.

The bonus will be paid to staff members who were employed by the UFS on UFS conditions of service on 14 November 2007 and who assumed duties before 1 October 2007.

The bonus is payable in December 2007 in recognition of the role played by staff during the year to promote the UFS as a university of excellence and as confirmation of the role and effectiveness of the remuneration model.

“It is important to note that this bonus can be paid due to the favourable financial outcome of 2007,” said Prof. Fourie.

“Our intention is to pass the maximum benefit possible on to staff without exceeding the limits of financial sustainability of the institution.  For this reason, the negotiating parties reaffirmed their commitment to the Multiple-year Income-related Remuneration Improvement Model used as a framework for negotiations.  The model and its applications are unique and has as a point of departure that the UFS must be and remain financially sustainable,” said Prof. Fourie and Prof. Johan Grobbelaar, Chairperson of UVPERSU and Spokesperson of the Joint Union Forum.

The agreement provides for the phasing in of fringe benefits of contract appointments for 2008.  This includes the implementation of a pension/provident fund, housing allowance and the medical fund allowance as from 1 January 2008 to staff who are appointed on a contract basis.

Agreement was also reached that 1,0% will be allocated for structural adjustments in order to partially address the backlog in respect of remuneration packages of other higher education institutions.  These adjustments will be made after further investigations during 2008. 

The post levels that have been earmarked for adjustment are academic staff (associate professor, professor and dean) as well as certain post levels in the support services.

An additional R500 000 will be allocated to accelerate the rate of phasing in the medical fund allowances. 

The implementation date for the salary adjustments is 1 January 2008, but could possibly be implemented only at a later stage due to logistical reasons.   The adjustment will be calculated on the remuneration package.

The agreement also applies to all staff members of the Vista and Qwaqwa Campuses whose conditions of employment have already been aligned with those of the Main Campus.

Prof. Grobbelaar said that salary negotiations were never easy, but the model is an important tool.  He said the Joint Union Forum illustrates that people from different groups can work together if they share the same commitment and goal.

In 2007, a total salary adjustment of 5,7% and a once-off non-pensionable bonus of R2 000 was paid to staff.

Media Release
Issued by: Lacea Loader
Assistant Director: Media Liaison  
Tel:  051 401 2584
Cell:  083 645 2454
E-mail:  loaderl.stg@ufs.ac.za
20 November 2007

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