In the July issue of Accountancy SA, Wayne van Zijl CA(SA) submitted that, as with medical professionals, professional accountants may need to take an oath too, because while doctors have a direct impact when it comes to saving people’s lives, accountants’ actions may equally impact the lives and livelihoods of thousands of people.1
Of course, the extent of accountants’ impact depends on their roles, the organisations they are associated with, and the level of public interest they need to protect. While the actions of professional accountants working in the academic environment may appear to have less impact on the broader society, it is in fact at this level where they have three to four short years to influence the decision-making of future professional accountants – who in turn as the ‘future doctors’ of the business world, will hold lives and livelihoods in their hands, albeit indirectly.
Business Acumen Day
The revised SAICA Competency Framework places great emphasis on professional values, attitudes and acumens (PVAAs), often to the frustration of academia, as these competencies are difficult to teach/develop (especially in large classes) and even more difficult to assess. But surely it is in these competencies where the behaviours of aspirant professional accountants are shaped? Perhaps the answer to instilling the right behaviour in students is not to attempt to ‘teach’ the right behaviour but rather to expose students to it, modelling examples and ultimately inspiring them to follow suit.
To this end, the University of the Free State (UFS) School of Accountancy partnered with Standard Bank to host a Business Acumen Day. This day saw about 650 students, ranging from students in their second year of studies to those in their PGDA year. The line-up for the day comprised Conrad de Wee CA(SA) RA, Chair of the SAICA Central Region Council; Patricia Stock CA(SA) RA, CEO of MGI RAS; Bernard Agulhas CA(SA), former CEO of the Independent Regulatory Board for Auditors (IRBA); and Rob Rose, editor of the Financial Mail. Bringing various perspectives to the table, these individuals did not ‘teach’ students, but rather ‘inspired’ them.
Patience, humility, respect, purpose and trust were common themes throughout the day. Generation Z is often criticised for being entitled and self-centred, and while this is certainly not the case with all students, De Wee’s talk on how professional accountants should conduct themselves included his own life lessons of patience and working for what you want to achieve. Success does not fall in one’s lap but takes years of hard work and going the extra mile. Any senior professional accountant can attest to this, but these lessons brought much-needed perspective to students.
With her own life story of overcoming challenges and rising above her circumstances, Stock truly inspires. Students from challenging backgrounds often feel that the CA(SA) designation and financial freedom will forever be out of reach, but seeing someone in front of them who was able to defy the odds opened a world of possibilities to them. However, the importance of gratitude and her unwavering commitment to ‘giving back’ was central to her message.
Bernard Agulhas, recently appointed as an adjunct professor in Auditing at the UFS, shared his insights on how to respond to the challenges experienced by the auditing profession in recent years. He took students and professionals alike back to the basics of trust, accountability, independence and the need to be courageous in the face of adversity. Agulhas emphasised that professional firms may and should be profitable, but commercialism should not take precedence over professionalism and the profession’s fundamental ethical principles. Given that greed is the number one cause of unethical behaviour, his message provided serious food for thought.
Bringing the perspective of the public and other stakeholders on the corporate reporting scandals of the past decade, Rose’s address was the highlight of the day for many. His knowledge of recent scandals and the events that led to Steinhoff’s collapse and the arrest of Tongaat Huletts’ auditor caught the attention of every student. He shared the red flags relating to Steinhoff that were present before the financial reporting irregularities became evident, explained governance issues linked to various scandals, and expressed concern about the ‘zero-consequence culture’ crippling South Africa. He indicated that he still has faith in South Africa’s justice system and expressed confidence that, in most of these big scandals, justice will prevail.
Panel discussion
The Business Acumen Day for students also created the opportunity for the UFS School of Accountancy to give back to its stakeholders by inviting them to benefit from a panel discussion with the speakers. Professor Philippe Burger, Dean of the UFS Economic and Management Sciences faculty, and De Wee facilitated the discussion with Stock, Agulhas and Rose, bringing perspectives from practice, a former regulator and the public respectively.
The theme for the panel discussion was ‘The audit profession’s response to the financial reporting scandals of the past decade: Has enough been done?’. Practitioners in the surrounding area, accountants in business, representatives from professional bodies, including SAICA, and university staff were invited to listen to the panel’s views on mandatory audit firm rotation, the impact of technology, audit quality, whistleblowing and much more. The audience also participated in interactive polls and were able to submit questions to the panel throughout the session, which contributed to an engaging session.
Open discussions, albeit sometimes difficult, are necessary to remain grounded in our principles and true to our purpose. Professional accountants may not be required to take an oath but, in the words of Agulhas, should always remain cognisant of their social contract to act in the public interest.
NOTE
1 ASA, July, page 42.
Author
Ané Church, Lecturer at the UFS School of Accountancy
MORE ABOUT ANÉ CHURCH
Ané is ‘n) and is particularly passionate about ethics, both in general and in the profession. To root for the ‘underdog’ or investing in those most vulnerable is where she feels she can make the biggest difference.
Students are faced with a variety of challenges – not only academically and financially, but emotionally as well. Ané continually seeks opportunities to inspire students by exposing them to good examples and industry leaders. Promoting and fostering good relationships with local businesses has enabled her to take hundreds of students to visit companies in different industries, while arranging events like the Business Acumen Day uplift students and broaden their perspectives.
In research, private companies are often overlooked because of their “limited public interest”, but the contribution that private companies make to the economy certainly justifies investigation. With this in mind, Ané is currently in the process of completing her Master’s dissertation, titled “The audit expectation gap: A private company perspective”.
Ané has also developed ethics training for trainees, which she presents at various firms. Her aim is to make ethics come alive and change how trainees think in their daily decision-making. She believes that if you can get trainees to make ethical decisions with the ‘small things’, chances increase that they will choose right with the ‘big things’. She also presents professional ethics courses through Pro-Beta Training and serves on the SAICA Central Region Council.
