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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

King Moshoeshoe comes alive on national television

2004-11-02

Honourable Bethuel Pakalitha Mosisili, Prime Minister of Lesotho, and his wife; King Letsie III of Lesotho and Dr Ezekiel Moraka, Vice-Rector: Student Affairs at the UFS during the première of the film at the Royal Palace in Lesotho

The ground-breaking documentary film on the life and legacy of King Moshoeshoe, the founder of the Basotho nation, will come alive on Thursday 4 November 2004 when it is screened on SABC2 at 21:00

The film, called Moshoeshoe: The Renaissance King, forms part of a larger project by the University of the Free State (UFS) to honour the Moshoeshoe legacy of nation-building and reconciliation and to explore his role as a model of African leadership. It was produced by the well-known journalist Mr Max du Preez and commissioned by the UFS as part of its centenary celebrations.

The SABC2 screening was preceded by a première in Bloemfontein last month, and was attended by provincial political leaders.

This past weekend there was a première at the Royal Palace in Lesotho, which was attended by King Letsie III, the prime minister, the chief justice, judges, the president of the senate, cabinet ministers and directors-general.

“Through this documentary film the UFS commits itself to developing a shared appreciation of the history of this country and to the establishment of the Free State Province as a model of reconciliation and nation-building. King Moshoeshoe is also a strong common element, and binding factor, in the relationship between South Africa/the Free State, and its neighbour, Lesotho,” said Prof Frederick Fourie, Rector and Vice-Chancellor of the UFS.

“Not all people in South Africa know the history of Moshoeshoe. Many Basotho – but not all – are well versed in the history of Moshoeshoe, and his name is honoured in many a street, town and township. Many white people know little of him, or have a very constrained or even biased view of his role and legacy. In Africa and the world, he is much less known than, for instance, Shaka,” said Prof Fourie.

“King Moshoeshoe did a remarkable thing in forging a new nation out of a fragmented society. He also created a remarkable spirit of reconciliation and a remarkable spirit of leadership,” said Prof Fourie.

According to Prof Fourie we already benefit from his legacy: the people of the Free State share a tradition of moderation and reconciliation rather than one of aggression and domination. “For the UFS this is also part of real transformation – of creating a new unity amidst our diversity,” said Prof Fourie.

“We also find in the legacy of King Moshoeshoe the possibility of a “founding philosophy”, or “defining philosophy”, for the African renaissance. To develop this philosophy, we must gain a deeper understanding of what really happened there, of his role, of his leadership. Therefore the UFS will encourage and support further research into the history, politics and sociology of the Moshoeshoe period, including his leadership style,” said Prof Fourie.

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

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