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15 August 2025 | Story Tshepo Tsotetsi
Business Acumen Day
The UFS School of Accountancy recently hosted its third annual Business Acumen Day and Panel Discussion, featuring former Chief Justice Raymond Zondo, Prof Deon Rossouw, Rochelle Murugan, and Prof Bernard Agulhas.

The University of the Free State’s (UFS) School of Accountancy in the Faculty of Economic and Management Sciences hosted its third annual Business Acumen Day and Panel Discussion on 12 August 2025, placing ethics, integrity, and public trust firmly under the spotlight.

Sponsored by audit, accounting and consulting firm Forvis Mazars South Africa, the day opened with a student-centred engagement in the Callie Human Centre, followed by a dynamic panel discussion with staff and stakeholders at the Centenary Complex. Both sessions tackled the theme ‘Restoring Public Trust: Ethical Leadership in an Era of Public Accountability’.

The panel featured former Chief Justice Raymond Zondo, whose decades in judicial service include leading the State Capture Commission; Prof Deon Rossouw, an internationally recognised authority on business ethics and corporate governance; and Rochelle Murugan, Head of Audit at Forvis Mazars South Africa and a leader in diversity and inclusion. The discussion was facilitated by Prof Bernard Agulhas, former CEO of the Independent Regulatory Board for Auditors and an influential figure in global standard-setting and corporate governance.

According to Prof Frans Prinsloo, Director of the School of Accountancy, the event’s timing was deliberate: “Given the erosion of public confidence in leadership and the ongoing reports of corruption and abuse of power, it is crucial to address ethical leadership and public trust head-on. Our profession has a responsibility to lead conversations that promote integrity, accountability, and responsible leadership. These events give our profession and students the opportunity to hear directly from leaders who have shaped the national dialogue on these issues.”

 

Building a culture of ethics

Earlier in the day, Justice Zondo spoke directly to students who are preparing for careers in accounting and auditing, emphasising the importance of integrity in sustaining the profession’s credibility. “Your job is a very important job, and ethical behaviour is the only way your profession is going to continue to be respected. You must never let your profession down. Remember, your integrity is priceless,” he said. He also identified features of ethical leadership – integrity, fairness, humility, accountability, and courage – as non-negotiables for those entering the profession.

In the panel discussion, Murugan stressed that “the tone at the top plays a massive role” in shaping ethical cultures. She said leaders have a responsibility to create environments where ethical leadership and accountability are built into performance measures and reward systems. “Speaking up should be something we expect, respect, and protect,” she said, adding that embedding ethical policies into daily processes ensures they become a natural part of everyday work.

Prof Rossouw built on this point, noting that ethical tone must extend beyond the top levels of leadership. “We often find that the tone at the top does not filter down through the rest of the organisation. We need the same commitment to ethics across all employees,” he said, adding that an ethical culture requires clear standards, open discussions about ethics, and accountability. “If you do the wrong thing, there must be consequences. Equally, if you do the right thing, there should be recognition for the role you play,” he said, explaining that this approach allows employees at all levels to see themselves as active participants in an organisation’s ethical life.

 

Ethics in action: From Parliament to the public

Justice Zondo contributed a legal and governance perspective, drawing on an example from his time overseeing parliamentary processes. He recounted how, during a motion of no confidence in then-president Jacob Zuma, members of the ruling party were instructed to vote against the motion or risk losing their parliamentary seats. “This illustrates how individuals sometimes compromise their ethics out of fear for their positions,” he said. “In the public sector, the system can work against ethics when decisions are taken in the interest of the organisation rather than the people it serves. This undermines the fight against corruption.”

He also outlined three ways citizens can play a role in strengthening public accountability: avoiding the election of leaders with histories of wrongdoing; remaining active and vocal in holding public representatives accountable; and supporting or joining organisations that fight corruption. “Remember, people in Parliament work for you, not the other way around,” he told the audience.

Prof Rossouw offered a conceptual distinction between ethics and values, clarifying that, although the two are related, they are not identical. “Ethics is about doing good unto others as you expect them to do unto you. Values, on the other hand, are our priorities or convictions about what is important – but not all values are ethical. Ethical values are those that guide how we treat other people and interact with them,” he explained, describing ethics as a subset of an organisation’s broader values.

Underscoring why this conversation matters for the profession and the country, Prof Prinsloo noted: “Accounting and auditing are cornerstones of public accountability. Ethical leadership ensures these functions are performed with integrity and transparency. In South Africa, where there have been significant breaches of trust, the intersection of these three elements is vital. Ethical accounting and auditing practices, guided by strong ethical leadership, are essential for ensuring that public resources are managed responsibly and that those in positions of power are held accountable. In the School of Accountancy, we aim to equip our students with the skills and ethical grounding to navigate these complexities and uphold the highest standards of public accountability.”

Hosting thought leaders such as Justice Zondo and Prof Rossouw, he added, is both “a privilege” and a signal of intent: “By providing a platform for these important conversations, we signal to our students, alumni, and the broader community that we are serious about shaping ethical leaders and promoting a culture of accountability.”

The third annual Business Acumen Day and Panel Discussion continues the School of Accountancy’s commitment to convening rigorous, topical dialogue across auditing, governance, sustainability, and ethics – a commitment Prof Prinsloo says will endure: “We will continue to host conversations that challenge conventional thinking, bring together diverse voices, and provide students and practitioners with tools to strengthen ethical cultures in their organisations.”

News Archive

SRC Inauguration speech: 22 January 2005
2005-01-22

Campus Head (Prof Peter Mbati). Dean of Students (Dr Natie Luyt). Deputy Director: Student Affairs and my boss (Mr. Teboho Manchu), Members of the University executive and Academic staff members, SRC members, Leaders of trade Unions and Student organizations, Distinguished guests, Ladies and gentlemen, most importantly first entering students and Parents receive my heartfelt revolutionary greetings.

Let me extend my word of appreciation to our distinguished guests for adding value and dignity to this event. Your presence here means a lot to us. Program Director what I bring here with me, assisted by facts, and is therefore just the work of my imagination. Like a love letter addressed to a sweetheart miles away, even though you do not know how she feels, what she wants to hear, and do not even know how her face looks like.

To me a speech is just an honest and intimate conversation. That is why I got into the habit of establishing a dialogue, or a debate, with my acquaintances looking at their faces and trying to persuade them of what I am telling them.

Mr. Speaker and Madam Deputy Speaker of the Student Parliament we are gathering at this ceremony, significantly few weeks after the release of grade 12 results, with the exception of those from Mpumalanga because of fraud. The Grade 12 results also show that only 18% of Black learners matriculated with exemptions, as compared to 53, 6% of white learners. This is an indication that our education system needs an overhaul.

We are also gathered here significantly a day after the management retreat held in Bloemfontein, Masselspoort. The retreat discussed, among other things, the transformation agenda, and some possible solutions to challenges we are facing now.

Most regrettably, we are gathered here when the whole world morns the victims of Tsunami tragedy. Let me therefore tore the line and convey our deepest condolences, from the last robot of my heart, to the affected families. Our hearts and thoughts will always be occupied by this horrified tragedy.

Creating a new Institution

I would submit, for purposes of debate and discussions that this Institution should strive to specialize and excel in regional rural development studies. Since our higher education, institutions in South Africa are generally weak in rural development studies. Instead, most of them tend to have an urban orientation to their programmes. Training everybody for the cities, big business and the private sector. This is a big weakness in a country with such large rural areas and population trapped in poverty, disease and ignorance.

Women’s studies

Program Director, it is only a moron who can argue against the fact that for us to reposition the institution around the regional development challenge, we need to start first with women empowerment. It is a fact that in most of our poor communities and families, it is women who withstand the worst of poverty. They are the ones who daily have to wipe tears from children who are hungry. It is women who look after the sick, the elderly, those dying from AIDS and the jobless. They are the one who have to fetch water, make fire and cook. There can therefore be no rural development studies without women studies, in particular on how to empower them and assist in the provision of basic services, so that they are relieved from some of the burdensome task of the society.

Registration Process

Mr. Speaker and Madam Deputy Speaker of the Student Parliament let me indicate that the registration is a process and not an event, so it cannot be concluded overnight. This huge process demands for people to stay calm, as there is no crisis. People should stop being excited. At the same time, no organization should use its cheap popularity and unilaterally disrupt the continuous and smooth running of the registration process at hand.

Let me strongly indicate, madam deputy speaker, that I am on record for stating that I have forgiven all those who have wronged us. I harbour no bitterness towards the protagonists of our painful and unfortunate events of the past week. And we will overcome this process not by our own devices but by the help of Almighty God and the grace of our Lord Jesus Christ.

Concerning registration of first years, we have programs, concerning that of senior students, we have programs, regarding graduations we have programs, and concerning HIV\AIDS we have programs. So, there is no need for people to press panicking buttons.

Mr. Speaker and Madam Deputy Speaker of the Student Parliament let me be opportunistic and welcome the entire student body on Campus for the academic year 2005. May our lovely first entering students have a happy and momentous year as part of Qwaqwa Campus of University of the Free State. May your studies be fruitful and enjoyable.

Student years are generally the happiest years of your life, so please make the most of them. While you are doing, all your preparations bear in mind that University is not an opportunity, it is just creating opportunities for a person.

On behalf of SRC members, our people, our students and management members I would like to welcome you all. Even though your parents are far away, here at Uniqwa you have more brothers, more sisters and more parents. Since we will love you with the same love as if we are from one family, and I have no doubts that management members will love and care for you as if you are their own children. Should you encounter any problem while studying at the Qwaqwa Campus of University of the Free State do not hesitate to contact us at the SRC offices because we need to ameliorate any factor influencing you negatively while on campus. I wish you well in the attainment of your academic pursuit.

Senior Students: We are not faced with just a new year but another academic year where we all have to work together to achieve our common goal of building our Institution through the development of human power. I urge you to invest your whole selves in this SRC.

For quite some time now, a debate has been ranging as to, whether has there been any progress in this incorporation process, or we are just moving with no direction. This debate is important, but I hasten to add not essential. The SRC is also involved in this debate, but with definite shift in emphasis. For us it is not important to participate in the debate than it is in finding solutions for the challenges of this new chapter in the history of humankind.

To my colleagues: Comrades, we are leading this Institution with a sense of pride and duty, and I know very well that we lead men and women, students who are determined to ensure that we all reach our destination safely and on time.

I said in one of our meetings that there are more enemies on our way, more than we can imagine. I think you witnessed that during the course of this week. The excitement and unnecessary confusions caused by some confused and loosed charlatans bear testimony to my statements. We should not reveal our game plans unless we are ready to slam.

Let me also borrow from the words of the late Albert Lethuli when he said and I quote: “There remains before us the building of the new land, from the ruins of the old narrow groups, a synthesis of the rich cultural strains which we have inherited. The task is immense”. Lastly, a navy divided within its ranks will be vanquished and destroyed by the enemy, but a navy united in purpose and action, loyalty and commitment will not drawn but sail on to victory.

In conclusion, let me call upon all political structures, church denominations, developmental structures, clubs, societies and forums to put aside all their differences, ideological insinuations and forge unity towards transforming Qwaqwa Campus of University of the Free State into an institution that is seen playing vigilant role in developing students academically, politically, socially, spiritually, religiously, culturally and otherwise.

Program Director, let me end my speech by indicating that every drop of my blood is telling me that Uniqwa is my home. I firstly became a student here, I became an activist here, I became a leader here, I became a president here, I will become a graduant here and hopefully I will become an employee here. So never, doubt my commitment towards the community of this campus.

Please be informed, in a central University of Technology’s way, that if there is no UNIQWA in HEAVEN, then I am not GOING.

Let us broaden the social base.

Tello Titus Wa-Motloung President General

Economic and Management Sciences

Education

Health Sciences

The Humanities

Law

Natural and Agricultural Sciences

Theology and Religion

Open Distance Learning

Business School

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