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01 August 2023 | Story Kekeletso Takang | Photo Supplied
Business Acumen Day 2023
The UFS School of Accountancy hosted a panel discussion in the Centenary Complex with the topic ‘The audit profession’s response to the financial reporting scandals of the past decade: Has enough been done?’. Panellists included Prof Bernard Agulhas, Rob Rose, and Patricia Stock, and the session was facilitated by Prof Philippe Burger and Conrad de Wee.


Auditing firms in South Africa should go back to basics and emphasise accountability in revamped corporate structures to avoid repeats of the big auditing scandals of the past decade such as the Steinhoff, VBS, Tongaat Hulett, and Bosasa scandals. This was some of the opinion expressed during a panel discussion hosted by the University of the Free State (UFS) School of Accountancy and featuring auditing and accountancy experts. 

The discussion tackled the topic ‘The audit profession’s response to the financial reporting scandals of the past decade: Has enough been done?’, and featured a panel of experts including Rob Rose, Financial Mail Editor and author of Steinheist; Prof Bernard Agulhas, former CEO of the Independent Regulatory Board for Auditors (IRBA) and current Adjunct Professor of Auditing at the UFS; and Patricia Stock, audit partner and CEO of MGI RAS and former South African Institute of Chartered Accountants (SAICA) board member. 

The event took place on 19 July 2023 in the Centenary Complex on the UFS Bloemfontein Campus. It was facilitated by Prof Philippe Burger, Dean of the Faculty of Economic and Management Sciences, and Conrad de Wee, Chairman of the SAICA Central Region Council and Senior Manager at auditing firm Mazars.

Prof Agulhas said a lot has been done to prevent a repeat of the root causes of the financial reporting scandals of the past decade. “Everyone has responded. The profession, regulators, universities, labour markets, the public, and professional bodies.” Still, he said a lot more needs to be done. “We have to go back to basics. Look at the framework, ISA standards, skills, and competencies. Professionals must be adaptable and responsive. Firms must set the tone at the top and create a conducive environment. Establish a culture of accountability. We have to go back to behavioural competencies. Universities can also investigate the inclusion of forensic auditing as part of the curriculum.” 

The panel felt that accountability is central to going back to basics. Rose said he believes businesses need to change their organisational cultures. “The likes of Glencore and Tiger Brands are making an immense effort to revamp. There are numerous ways companies can go about it, including setting the tone at the top and establishing accountability structures in-house. Also, not only having fraud-detection systems, but also implementing them.”

He also questioned why no one is holding bankers accountable for failing to uncover recent corporate scandals. “In the case of Tongaat Hulett, how did they miss all the issues through their risk assessment? At the end of the day, they should also be held accountable.”

Where it all went south

Prof Burger said the World Economic Forum had for seven years, until 2017, rated South Africa number one for the strength of auditing and reporting standards. “And then we started to see things go wrong, with the likes of state capture, Steinhoff, VBS, and others. In light of this, has enough been done to equip external auditors to deal with fraud in organisations, and to ensure that they act in the interest of the public?” 

Prof Agulhas, speaking from his experience as a regulator, said, “Initially, South Africa was one of the few developing countries to adopt international standards. For seven years, we have received a good rating from the World Economic Forum. But if we can be honest, while our professional qualifications are among the best in the world, we were not that good at implementing these standards due to behavioural issues on the part of certain accountancy/ auditing professionals.” 

Stock, sharing her perspective as an audit practitioner, commented: “We are noticing a growing trend among firms to improve on reporting, and audit committees are holding professionals accountable. While this is said, we should also acknowledge that there is a need to look at the whole ecosystem relating to financial reporting.”

Auditing in the era of artificial intelligence

When questioned about the impact of technological advances on auditors, Stock said she believes artificial intelligence and technology integration offer the auditing profession a wonderful opportunity. She stressed that technology will not replace human capital. “We need critical thinkers and value creators. Technology won’t replace that, especially where Environmental, Social, and Corporate Governance (ESG) is concerned.” 

Interaction between universities and industry

Prof Burger posed the question, “When looking at the interaction between universities, industry, and trainees, would you say this model is still fit for purpose, and are these individuals ready?”

Stock responded, “The profession needs the diversity of minds. We need their enquiring minds. We need to hear the voices of our trainees. In fact, one of the scandals of the past decade was picked up by a trainee, but was unfortunately ignored by the more senior staff.” 

Where we are now

The panel discussion was attended by stakeholders from the School of Accountancy, which included managers and directors of various auditing and accounting firms, representatives of professional bodies, members of management from large businesses, and university staff members. Interactive polls and the opportunity to submit questions allowed guests to participate in the discussion, which ended with a consensus that while much effort has been made to restore the credibility of the auditing profession, there is still further work to be done. 

The panel discussion was made possible with the financial support of Standard Bank.

News Archive

Spring graduation and diploma ceremonies
2010-09-17

The University of the Free State (UFS) has conferred 566 grade, 41 doctoral degrees and 274 diplomas at the spring graduation and diploma ceremonies. 

The two honorary doctoral degrees were conferred on Prof. Kalie Strydom and Dr Monty Jones. The event took place in die Callie Human Centre on the Main Campus. 

The UFS Management and personnel congratulates all our graduates on this achievement!

New UFS Chancellor confers his first degrees

The new Chancellor of the University of the Free State (UFS), Dr Khotso Mokhele, conferred the first degrees since he has taken up the position as Chancellor. The UFS awarded 266 degrees and 20 doctorates to students from the Faculties of the Humanities, Health Sciences, Education, Law and Theology during its Spring graduation ceremony on the Main Campus in Bloemfontein today. Pictured at the ceremony, from the left, are: Dr Mokhele and Prof. Jonathan Jansen (Rector and Vice-Chancellor of the UFS).
Photo: Mangaliso Radebe

 
UFS awards doctoral degree to 93-year-old graduate

This week Dr Anna de Jager received her doctoral degree in Religious Studies: Biblical and Religious Studies, during the Spring graduation ceremony of the University of the Free State (UFS) that took place in the Callie Human Centre on the Main Campus in Bloemfontein. Dr De Jager was the star of the day because she was the oldest person (93) who received her qualification during this graduation ceremony. The theme of her thesis is: Die belewing van geloofsekerheid by die Gereformeerde Afrikaanssprekende adolessente leerder.
Photo: Leonie Bolleurs

 
UFS honours an acclaimed educational researcher

The University of the Free State (UFS) conferred an Honorary Doctorate to Prof. Andries Hermanus (Kalie) Strydom during the Spring graduation ceremony held at the Callie Human Centre on the Main Campus today. Prof. Strydom is an alumnus and former academic of the UFS. His academic career can best be described as a lifetime of dedication to accountable research aimed at the advancement of higher education in South Africa. He is an acclaimed researcher in the field of higher education – nationally and internationally. His work over the last 30 years has not only been about supporting transformation in the education sector and specifically higher education, but also about capacity building of staff and supporting equity expectations without compromising quality.
Photo: Mangaliso Radebe

 
UFS confers another honorary doctorate

The University of the Free State (UFS) conferred another Honorary Doctorate today, this time on Dr Monty Jones (pictured), a Sierra Leonean who spent the last 32 years of his career in Africa working in international agricultural research for development institutions. Dr Jones is the Executive Director of the Forum for Agricultural Research in Africa (FARA) and co-winner of the prestigious 2004 World Food Prize. The UFS also awarded 300 degrees and 21 doctorates to students from the Faculties of Economic and Management Sciences and Natural and Agricultural Sciences; and 274 diplomas were conferred on students from all the faculties during the Spring graduation and diploma ceremonies on the Main Campus.
Photo: Mangaliso Radebe

 
UFS reaches another milestone in Sign Language

The University of the Free State (UFS) has become the first university in South Africa to award a Ph.D. in South African Sign Language. This honour was bestowed upon Dr Philemon Akach (pictured), Head of the Department of South African Sign Language at the UFS, during the Spring graduation and diploma ceremonies on the Main Campus. The UFS is also the first university in the country to have a fully-fledged and dedicated Department of South African Sign Language and it was the first university on the continent to offer Sign Language as an academic course in 1999.
Photo: Mangaliso Radebe

 
Proud day for UFS parent as daughter obtains first degree

On Thursday, 16 September 2010, Ms Rebecca Mohatlane from the University of the Free State (UFS) Student Academic Services had a day every mother dreams about when her daughter obtained her first degree. Puleng Mohatlane obtained a Baccalaureus Administrationis degree from the UFS’s Faculty of Economic and Management Sciences during this year’s September graduation ceremony. Puleng is currently continuing her studies at the UFS, working towards obtaining an honours degree.
Photo: Christiaan van der Merwe

 
Second generation student at Chemistry obtains doctorate degree

The Department of Chemistry at the University of the Free State (UFS) bore witness to a special event on Thursday, 16 September 2010 when another Conradie of the department received her doctoral degree. Marianne Conradie, daughter of Prof. Jeanet Conradie of the department, obtained her doctoral degree during the UFS’s 2010 Spring graduation ceremony. Adding to the already tight family connections, Prof. Conradie also acted as the promoter for Marianne’s thesis titled Rhodium and Iron complexes and transition states: A computational spectroscopic and electrochemical study.
Photo: Susan Conradie

 
Eastern Cape MEC obtains diploma at UFS

A member of the Eastern Cape’s Executive Committee (MEC), Mr Sicelo Gqobana, was one of the 800 graduates obtaining degrees or diplomas during the September 2010 graduation ceremonies at the University of the Free State (UFS). Currently serving as the Eastern Cape MEC for Local Government and Traditional affairs in the province, where he has been involved in politics since the 1990s. Mr Gqobana is also a former Chief Whip in the Provincial Legislature. Mr Gqobana, originally a teacher, obtained a Postgraduate Diploma in Governance and Political Transformation from the UFS on Thursday, 16 September 2010.
Photo: Christiaan van der Merwe.

 

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