Focus: Leading the way in accounting education for the 21st century

The world of accountancy is changing rapidly, driven by advances in technology and globalisation. To succeed in this new environment, accountants need a strong foundation in both technical skills and soft skills.

The best educators in the profession create an inclusive learning environment and emphasise the importance of technology. They equip students with the skills needed to make ethical decisions, solve complex problems and enter the accounting profession with a forward-thinking mindset. They also prepare them to respond to advancements in technology and new regulations with agility and confidence.

One such academic is Professor Frans Prinsloo, Director of the School of Accountancy at the University of the Free State, who stands out for his teaching methodology and commitment to students.

Over the past two years, he has been working with SAICA’s education department to refine the ‘academic guidance’ component of the Competency Framework for Entry-Level Chartered Accountants (SA). This framework directly informs the curriculum of SAICA-accredited accountancy programmes. He has also contributed to the conceptualisation of the new Initial Assessment of Competence examination, which will replace the current Initial Test of Competence examination. This new exam aims to assess the new Competency Framework, with a focus on professional values, attitudes, acumen, and technical competence.

Under his leadership, UFS’s accountancy academic programmes have been adapted to focus not only on the development of technical competence but also to ensure the development of these essential skills and qualities – in line with the requirements of the new Competency Framework.

For example, projects requiring the solving of real-life or simulated real-life problems are now being prescribed in ‘core’ accountancy modules and contribute to students’ final module marks, some of which must be completed in a group context. Appropriate software needs to be utilised in solving these problems and presenting the findings.

At the UFS, staff and students have unlimited and free access to over 16 000 LinkedIn learning online courses where they can learn how to develop many of these skills. A curated list of relevant LinkedIn learning online courses is provided to students in many of their formal modules – which is particularly helpful given the diverse range of students. They also have a sizeable number of students registered for honours (as opposed to postgraduate diploma) programmes – as the research module in the honours programme is also very valuable in developing a number of the key skills.

The value of extracurricular activities, such as involvement in student societies on campus, assistance with academic support (for example as tutors), and involvement in community projects in the development of these skills, should not be underestimated. Students are therefore encouraged to become involved in these and undertake vacation work whenever possible.

Incorporating ethics and integrity into the accounting curriculum

The UFS has a number of initiatives in place to incorporate ethics and integrity into the accounting curriculum. These include an Organisational Ethics and Citizenship module; comprehensive coverage of professional ethics in auditing modules; guest speakers invited to talk to students about the importance of ethics and provide real-world applications; and a zero-tolerance approach to any improper conduct perpetrated by a student. The culture in the School of Accountancy is one of professionalism, where staff serve as role models to students.

How developments in the industry are influencing the field of accounting

Professor Prinsloo notes that advancements in technology and new regulations are transforming the work being undertaken by accountants and auditors. As a result, accountants and auditors are now increasingly focused on the analysis and interpretation of data produced by computerised systems and providing strategic advice to their clients and management teams.

There is also the growing importance of environmental and social considerations in accounting decision-making. This requires accountancy professionals to have a far broader knowledge and skills set than in the past.

How the role of accountants is evolving

He believes that CAs(SA) are evolving into more strategic and value-added roles. Advances in technology are automating many of the mundane, routine tasks that were once performed, freeing them to focus on more complex tasks such as data analysis, visualisation and strategic planning. The profession is increasingly being called upon to provide advice on environmental and social matters due to the growing importance of sustainability and corporate social responsibility.

Incorporating resilience and ethical decision-making into the accounting curriculum

Resilience and ethical decision-making are essential skills for CAs(SA) in the 21st century. The accounting profession is a challenging and demanding one, often resulting in setbacks and failures. It’s important for CAs(SA) to be able to bounce back from these setbacks and to make ethical decisions even in difficult situations.

‘One of the most important things that we can do to encourage continuous learning and adaptation among students and lecturers in response to the ever-evolving landscape of accounting is to use real-world and simulated real-world case studies, drawn from what is reported in the business press, relating to ethics, governance, accounting, or auditing failures,’ he says.

These failures are not good for the profession, but they provide academics with a rich source of data from which to develop case studies. These can be used to analyse the ethical dimensions of the situation, and the challenges that professionals and their organisations encounter. They also serve as a basis for identifying strategies for maintaining resilience in times of adversity.

‘Group discussions and debates enable students to recognise the importance of ethical decision-making and taking a stand, and the dire consequences not only for themselves, but also for others, should they take decisions from the perspective of short-term self-interest, or not stand up to superiors when they want to do the “wrong things”.’

Professor Prinsloo encourages continuous learning and adaptation among students, requiring them to cover the latest standards in their coursework. He emphasises the importance of lifelong learning and adaptability to students and reinforces this message by bringing in speakers from the profession. He encourages students to read up about matters that have not been fully addressed in class to get them into the habit of not just being passive learners. Exploring current newsworthy events in class illustrates the value of reading more broadly than simply the prescribed course material.

‘We support lecturers who continue their professional development,’ he says. ‘We expect staff to conduct research that contributes to the creation of new knowledge in their fields. They also attend academic conferences and read research journals, broadening their horizons beyond what they learnt at university and what they have to teach to their students.’

His department prioritises collaboration with the profession. By participating and contributing to the committee structures of SAICA and IRBA, staff can develop their own knowledge and skills. ‘By having an advisory board of industry leaders and making adjunct appointments of industry frontrunners, we expose students to what is happening in practice to ensure the relevance of what is being taught and upskill staff in the process.’

University staff also collaborate with academics from other universities and exchange ideas to inform their thinking in the roll-out of their academic programmes so that learning and teaching models remain relevant.

‘The accounting profession is well-positioned for the future,’ he says. ‘CAs(SA) are in high demand and are being called upon to meet the changing needs of business. Professionals in the 21st century need to think critically and creatively, adapt to new technologies, and communicate well with a variety of stakeholders. Most importantly, they need to be passionate about their work and seize every opportunity to make a real difference in the world. The fulfilment that comes from ensuring transparency, fostering trust, and guiding ethical and sustainable financial decisions surpasses any financial compensation. It’s in these moments that the true impact of the profession is felt.’

Tips for developing a successful career in accounting

Professor Prinsloo stresses that CAs(SA) need to be able to think critically, solve complex problems, communicate effectively, and work well with others. They also need to be adaptable and willing to learn new things.

Here are his pointers for new members of the profession:

• Take relevant courses − Most accounting programmes will cover the essential technical skills, such as financial accounting, auditing and taxation. However, it is important to supplement your technical skills with courses in soft skills, such as communication, teamwork and leadership.
• Gain experience in the field − The best way to learn about the accounting profession is to gain experience. Look for internships or volunteer opportunities at accounting firms or businesses. This will give you a chance to put your skills to the test and learn from experienced accountants.
• Participate in professional development activities − There are many organisations that offer courses and workshops for accountants. This is a great way to stay up to date on the latest trends and developments in the profession.

Author
Monique Verduyn