Class has announced it achieved an industry first last week, gaining ASAE 3402 assurance for its data feeds system.
The Auditing and Assurance Standards Board’s ASAE 3402: Assurance Reports on Controls at a Service Organisation standard provides auditors with the opportunity to reduce substantive testing for balances and transactions maintained by Class.
It provides assurance that Class has adequately defined processes in place, that its security is best practice and that data is read-only, sourced directly from the provider and cannot be impersonated.
“Having ASAE 3402 assurance will be of huge benefit to auditors in terms of streamlining the auditing of transactions and balances for investments held in SMSFs,” Class chief executive Kevin Bungard said last week.
“We’re excited to deliver this industry-first development that will deliver efficiencies to the SMSF audit process.”
ASF Audits partner Richard Smith commended Class for completing the ASAE 3402 report as it further demonstrated the importance it placed on audits.
“With over 8000 of our clients’ funds on Class, accuracy of the data feeds within Class is paramount and this report will provide ASF Auditors with further assurance on the controls over the data feeds system and the integrity of the software,” Smith noted.
Class achieved an ASAE 3402 Type 1 Assurance Report, comprising a review of the design and implementation of controls at 30 June for the data feeds system.
Data feeds from financial organisations are monitored to ensure the account transactions are received.
Once received, controls are in place within the Class data feeds system, managing security, integrity and availability of data.