Class has delivered audited data feeds for its SMSF administrator and auditor users in preparation for real-time SMSF reporting.
The SMSF data feeds have been certified with an ASAE 3402 Type II assurance, an Auditing and Assurance Standard Boards standard that provides SMSF auditors with the assurance that Class has controls in place within its data feeds system that manage the security, integrity and availability of data.
Class chief executive Kevin Bungard said reliable, daily-reconciled data feeds are essential if accountants are to meet the real-time reporting requirements coming into effect for SMSFs, as monthly and quarterly data imports were not going to allow accountants to meet the much tougher reporting deadlines required by the ATO.
Further, the new reporting requirements were a key regtech integrity measure introduced as part of the super reform changes and the $1.6 million transfer balance cap, Bungard said.
He highlighted that data feeds were evolving rapidly and the super reform regtech changes were just the tip of the iceberg.
“Fintech changes, including blockchain and distributed ledger technology, the new payments platform and opening banking standards will all disrupt the way that data feeds are delivered,” he warned.
“It is essential that consumers are able to rely on the data that is supplied.
“Accountants moving to innovative cloud technology expect to have data feeds to match.
“The use of unsecured emails, screen scraping and quarterly extracts to obtain data just don’t cut it today – these methods are as archaic as desktop software and they can’t pass an audit or meet the emerging data quality and technology standards that the industry is moving towards.”
Class was making a long-term investment in data feeds, he added.
“You can’t take shortcuts with data feeds development, not if you want daily reconciliation, reliability and quality, and certainly not if you want to provide audited data.”
The ASAE 3402 standard allows auditors to substantially reduce the amount of testing required for balances and transactions maintained by Class.
