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22 November 2024 | Story Lunga Luthuli | Photo Supplied
International Audit Week 2024
UFS students at Coventry University’s International Audit Week, marking a historic first for South African and Global South universities participating in this prestigious global accountancy gathering.

In a significant first for any university in South Africa and the Global South, five students from the University of the Free State (UFS) participated in Coventry University’s prestigious International Audit Week (IAW). This global gathering of top accountancy students from various countries took place from 28 to 30 October 2024 in England.

The UFS School of Accountancy earned the invitation through a Collaborative Online International Learning (COIL) project initiated earlier this year. Prof Frans Prinsloo, Vice-Dean for Learning, Teaching, Innovation, and Digitalisation in the Faculty of Economic and Management Sciences, said, “Our participation signifies a major step in our internationalisation strategy. We were the first university from the Global South to attend, showcasing our students’ exceptional skills and fostering global collaboration.”

Trailblazing students

The selected students – Charlene Black, Twisiso Mathonsi, Heike de Nysschen, Charlize Oosthuizen, and Boitumelo Radebe – are among the top performers in the Postgraduate Programmes in Chartered Accountancy (PGCA). These future chartered accountants were chosen based on their stellar mid-year results, as final marks were unavailable before the trip.

Black expressed her excitement, stating, “Being selected to represent UFS at such a prestigious event was a tremendous privilege. It reinforced my decision to pursue the CA(SA) qualification and inspired me to make impactful contributions to the profession.”

Mathonsi, equally thrilled, reflected on the significance of the experience, saying, “Attending IAW was a dream come true. It validated my hard work and gave me a unique opportunity to engage with global perspectives on auditing.”

International insights and learnings

The week’s highlights included interactive sessions and industry tours. Black found the visit to Morgan Motors particularly inspiring, noting, “Witnessing their manufacturing process and reliance on paper-based job cards was fascinating. It was a reminder of the diverse practices within industries globally.”

Mathonsi recalled the collaborative activities, particularly a group project at Shakespeare’s birthplace. “It was both fun and insightful, emphasising teamwork across cultural and linguistic differences,” he said.

The students were exposed to cutting-edge developments in auditing, including the integration of artificial intelligence. These insights deepened their understanding of global industry trends and standards, such as the IFRS Foundation Standards and International Standards of Auditing, and highlighted differences in professional qualifications and practices between South Africa and the UK.

Sponsorship and support

This historic participation was made possible by the generosity of sponsors, who contributed over R250,000. The Raubex Group led with R150,000, followed by Rain Chartered Accountants (R50,000), Core Bloemfontein (R20,000 and K-Way jackets), the South African Institute of Chartered Accountants (R20,000), and Interstate Bus Lines (R10,000).

Prof Prinsloo emphasised the importance of such collaborations: “Our visionary sponsors recognised the immense benefits of this initiative for our students. Their support underscores the value they place on nurturing future leaders.”

Global impact and future plans

The experience not only elevated the students’ aspirations but also boosted the UFS’s international reputation. “Our students’ technical competence often surpassed that of their peers, cementing UFS as a global player in accountancy education,” Prof Prinsloo noted.

Looking ahead, the School of Accountancy plans to expand its international partnerships and aims to host the International Audit Week in Bloemfontein by 2026. For Mathonsi, the advice to future students is clear: “Work hard even when no one is watching; dedication always pays off.”

The UFS delegation’s success at IAW exemplifies the university’s commitment to excellence, global engagement, and producing graduates poised to make a difference on international and local platforms.

News Archive

UFS staff get salary adjustment of 13,35%
2008-11-13

 

At the signing of the salary agreement were, from the left: Prof. Johan Grobbelaar, Chairperson of UVPERSU, Prof. Teuns Verschoor, Acting Rector of the UFS, and Ms Senovia Welman, Chairperson of NEHAWU.
Photo: Anita Lombard

UFS staff get salary adjustment of 13,35%

The University of the Free State’s (UFS) management and trade unions have agreed on an improvement in the service benefits of staff of 16,55% for 2009. This includes a general salary adjustment of 13,35% (according to the estimated government subsidy that will be received in 2009).

“The negotiating parties agreed that adjustments could vary from a minimum of 13,00%, or more, depending on the government subsidy and the model forecasts. If the minimum of 13,00% is not affordable, the parties will re-negotiate,” said Prof. Teuns Verschoor, Acting Rector of the UFS.

“The negotiations were conducted in a positive spirit and the parties are in agreement that it is an exceptionally good adjustment – being higher than for example the increase in medical premiums,” said Prof. Verschoor.

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

An additional once-off non-pensionable bonus of R3 390 will also be paid to staff later this year.

The bonus will be paid to all staff members who were in the employ of the UFS on UFS conditions of service on 10 November 2008 and who assumed duties before 1 October 2008. This includes all former Vista staff, regardless of whether they have already been aligned with UFS conditions of service.


The bonus is payable 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 2008,” said Prof. Verschoor.

It is the intention 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.

Additional funding (0,70%) was also negotiated. This will be allocated on 1 January 2009 to accelerate the phasing-in of medical benefits and, if possible, to finalise the phasing-in process. Agreement was reached that 2,50% will be allocated for growth in capacity building to ensure that provision is made for the growth of the UFS over the last few years, as well as the incorporation of Vista staff.

The agreement also applies to all staff members of the two above-mentioned campuses whose conditions of employment have already been aligned with those of the Main Campus.

The implementation date for the salary adjustment is 1 January 2009. The adjustment will be calculated on the total remuneration package.

In 2008, a total improvement of service benefits of 9,32% and a salary adjustment of 7,52% were paid to employees. Staff received a once-off non-pensionable bonus of R3 000 at the end of 2007.

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  
12 November 2007
 

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