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.”