A New Era for Finance: CFO Sets the Standard for Excellence and Accountability

“Not perfection, but progress,” says new Chief Financial Officer.

The University of Venda’s Chief Financial Officer, Mrs Mavis Madzhie, CA(SA), has outlined a bold, collaborative vision for the institution’s CFO division, calling on staff and partners to commit to steady, measurable progress. Addressing her first official CFO engagement on 18 February 2026 at the Research Conference Centre, Mrs Madzhie set the tone with a clear message: “I am not asking for perfection overnight, but I’m asking for commitment to progress, openness to change, and dedication to excellence.”

Having assumed office on 1 January 2026, Mrs Madzhie used the inaugural session to position the gathering as more than a routine CFO meeting. She described it as a strategic platform to strengthen collaboration, share her vision for the division, understand risks and priorities, and identify the support her office needs. Emphasising that the work ahead cannot be done in isolation, she highlighted the importance of partnerships with internal audit, risk management, ICT, human resources and strategy units, as well as student leadership. She reaffirmed that students remain the institution’s primary stakeholders, noting that finance exists to enable teaching, learning and student success.

In her address, Mrs Madzhie presented a forward-looking vision anchored in accountability, innovation and long-term sustainability. She described the newly drafted Financial Sustainability Strategy as the division’s roadmap for ensuring the institution’s long-term viability, guiding priorities and shaping decisions across departments. The strategy, she said, would require significant change but would anchor the division in a shared purpose and disciplined approach to financial management.

Central to her vision is the ambition to build a CFO division known for professionalism, reliability and service excellence. She stressed that quality must become the baseline, with clear timelines, improved reporting standards and a commitment to getting things right the first time. A clean audit mindset, she explained, should not be an annual aspiration but a daily practice, reflected in sound processes, complete documentation and unwavering compliance.
Mrs Madzhie also called for a shift from reactive problem-solving to proactive, and strategic partnership. This would involve improved forecasting, automation of key processes, real-time reporting dashboards and closer engagement with stakeholders. She emphasised the need to strengthen the control environment across all finance departments, respond decisively to internal audit findings, and foster a culture of accountability and transparency through regular, evidence-based reporting.

From L- R: Acting Director for Financial Management and Reporting, Mrs Charlotte Makaringe, Mr Gaura Gungadeen, Acting Director for Revenue and Financial Aid and Director for Supply Chain Management and Expenditure, Mrs Beauty Mutheiwana

The engagement also highlighted progress across the CFO division. Acting Director for Financial Management and Reporting, Mrs Charlotte Makaringe, CA(SA), reported on the timely submission of the 2024 financial statements, the rollout of the 2026 budget, and initiatives to address skills gaps through targeted training and improved system utilisation.

Acting Director for Revenue and Financial Aid, Mr Gaura Gungadeen, noted key achievements, including the council’s approval of the investment strategy, the attainment of the R500 million long-term reserve target, and strong student registration rates. He also highlighted the need for system optimisation and more proactive cash management to address NSFAS-related funding pressures.

Director for Supply Chain Management and Expenditure, Mrs Beauty Mutheiwana, highlighted improvements, including the online tender box and an upgraded travel system. She further called for stronger collaboration, automation, policy updates and the enforcement of the new Loss Control Committee to enhance audit readiness.

From L – R: Mr Calvin Mogale, UNIVEN SRC Minister of Finance, Virtually, Ms Mahlatse Shokane, from the Internal Audit, and Ms Kgomotjo Sekgothe, Assistant Risk, Fraud and Forensic Officer

Key partners and stakeholders highlighted pressing institutional challenges. SRC Minister of Fi-nance, Mr Calvin Mogale, raised concerns about academically successful students who remain financially excluded, urging improvements in funding processes, timely sponsor payments and greater support for student sport.
Head of Internal Audit, Ms Mahlatse Shokane, speaking virtually, addressed misconceptions about the function, stressing that internal audit exists to strengthen controls and improve operational environments. Assistant Risk, Fraud and Forensic Officer, Ms Kgomotjo Sekgothe, added that many institutional risks are financially driven. She also called for intensified risk awareness among staff.

Closing the session, Mrs Mutheiwana described the inaugural engagement as more than a compliance exercise, noting that issues raised by stakeholders would be incorporated into the CFO’s action plan and departmental programmes. She pledged the division’s full alignment with the new strategic direction, affirming the team’s “full support and unwavering commit-ment” to the work ahead.

The engagement marked the beginning of what Mrs Madzhie described as an ongoing dia-logue, setting a collaborative and purposeful tone for the finance division’s next chapter, one focused not on instant perfection, but on consistent, strategic progress.

CFO’s Division team poses for a group photo

Issued by:
Department of Marketing, Branding and Communication
University of Venda
Tel: 082 868 2218 / 082 868 1811