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The Paramount Training for an Organization – “Diversity and Inclusion Training”

Every ingredient in a recipe is mandatory to make the best dish out of it.

Even a single ingredient missing can make the dish tasteless. It’s same what the Diversity and Inclusion Training are all about “Diversity” is the different ingredients of the recipe, in common language the differences in geographic, gender, racial and ethnic, religious beliefs, political beliefs, academic or professional background, sexual orientation, life experiences and so on.

Wherein “Inclusion” is like bringing all those ingredients together and to get the possibly best dish out of it and serve. In common language to convene different people with different backgrounds and to equipage them together and get the best output from it.

So to bring these two concepts together, many organizations conduct “Diversity and Inclusion Pieces of training” in their organization for all employees where the richness of ideas, backgrounds, and perspectives are harnessed to create business value and overall success.

The overall goal of diversity and inclusion training is generally to help and create a work environment where people with diverse backgrounds can feel comfortable and get along with each other effectively.

When training is done fairly, diversity and inclusion training can help organize the realization towards the benefits of diversity, which will obviously result in above-average financial returns, more innovation, friendly vibes at the workplace, better decision-making, happier staff and customers, and much more.

Diversity and Inclusion Training should make to be part of an extensive program of actions targeted for promoting diversity in an organization, such as HR policies, recruitment strategies, promoting and appreciating employees, employee retention programs, and so on.

But what really matters is that training is an essential component. It does not matter what other programs you organize for your employees, that program won’t be effective for your employees if your employees are showing bias or prejudice in their day-to-day decisions. Diversity and inclusion training can open your employees’ eyes to wider perspectives and help them perform better and better.

Managing Diversity and Inclusion –

Effective managing diversity can improve organizational effectiveness

Promotes a non-discriminatory workplace environment

When managers are committed towards diversity, it validates the diversity effort of other employees

Diversity and Inclusion training can cumulate and result in major disparities over time

It increases the valued organizational members

Employees can provide a wider range of creative ideas with a variety of points of view, approaches to problems and opportunities from people having diverse backgrounds which can improve decision making.

Inclusion and Workplace Sensitivity –

Remember that, if you desire diversity to be effective, organizations also need to keep inclusion cuddled. This involves ensuring that, also individuals from underrepresented groups should feel valued and have opportunities for advancement and take on leading roles and responsibilities. To be more specific, diversity training helps to develop inclusive thinking and inclusive measures, which leads to a more positive, productive work environment for everyone surrounding us.

Workplace sensitivity is another key aspect of diversity training. Workplace sensitivity is nothing but encouraging employees to be aware of the differences and comfort levels of others, and how their conduct and attitude may cause offense to an individual unknowingly and unintentionally. But instead, develop employee’s skills that foster better teamwork and decision-making. And importantly, being sensitive and aware of one’s behavior towards others can also help prevent prejudice and badger.

“But apart from this, it’s important to ensure and understand that diversity and inclusion training is not a one- time thing program or training to be carried out. It a Training for changing a person’s belief and to change the view of looking at diverse and people different than you. In a way to see that each individual has its own uniqueness and perceptions which can be bought into place, gathered and make a perfect accomplishment out of that”

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In a report known as “Brydon Report”, a former London Stock Exchange chair Sir Donald Brydon has suggested that the audit profession has lost its way. This was the third report commissioned by the former Prime Minister Theresa May to provide an Independent Review into the Quality and Effectiveness of Audit. After a series of high profile corporate failures such as the construction company Carillion, the retailer BHS, and the travel company Thomas Cook has shaken up the Financial Reporting Council and the British lawmakers. It has also raised questions on the effectiveness and reliability of the audit.

“Audit is not broken but it has lost its way and all the actors in the audit process bear some measure of responsibility”- Sir Donald Brydon

In a 135 pages report, Brydon has highlighted the shortcomings of the current external audit practices, especially the BIG FOUR FIRMS- PwC, Deloitte, KPMG and EY. These firms conduct the audit of FTSE-100 companies and therefore, there is almost no competition which is part of the problem. The report whilst highlighting the problems also gave various recommendation to improve the quality and effectiveness of the audit.

Key Identifications

The report suggests that there should be a change in the definition of the audit and it should be “written in plain English.” Brydon also believes “audit lacks a clearly understood and fully encompassing purpose.” The current definition fails to clearly describe the purpose of the audit and how and why it should be conducted. The change in the definition will help the auditors to make use the unique opportunity they have to verify, confirm and inform the stakeholders with everything that’s going on in the company and not just the financial statements.

"There has been a slow evolution, since the 1970s, in the role of audit from being just a periodic external check on the accuracy of financial reporting towards a value-adding function, but this has further to go."

Along with the shift in definition, auditors should be given proper training to make use of modern technology. Auditors also fail to make their reports more informative and useful.

“The purpose of an audit is to help establish and maintain deserved confidence in a company, in its directors and in the information for which they have a responsibility to report, including the financial statements, and the balance sheet

The auditors should look beyond the accuracy of financial statements and communicate better with the shareholders and other stakeholders. In current audit practices, even if auditors found a point of concern, they don’t inform it to the shareholders instead just discuss in the closed rooms with the directors, CEO and CFO. Thereby, they fail to grasp the opportunity to expand the scope of the audit and communicate better.

"In hiding behind the need only to confirm and verify, many auditors have failed to grasp the opportunity to make their reports more informative. Many do take this opportunity in private, communicating well beyond the narrow confines of auditing standards when reporting to audit committees, but not to shareholders or other stakeholders."

Recommendations

Following are the key recommendations made by Sir Donald Bryden.

•A redefinition of audit and its purpose;

•The creation of a corporate auditing profession governed by principles;

•The introduction of suspicion into the qualities of auditing; the extension of the concept of auditing to areas beyond financial statements;

•Mechanisms to encourage greater engagement of shareholders with audit and auditors;

•A change to the language of the opinion given by auditors;

•The introduction of a corporate Audit and Assurance Policy, a Resilience Statement and a Public Interest Statement;

•Suggestions to inform the work of BEIS on internal controls and improve clarity on capital maintenance;

•Greater clarity around the role of the audit committee;

•A package of measures around fraud detection and prevention;

•Improved auditor communication and transparency;

•Obligations to acknowledge external signals of concern;

•Extension of the audit to new areas including Alternative Performance Measures; and

•The increased use of technology.

Source: Brydon review final report

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