Class Super has made it easier for SMSF Auditors to be confident in the information in data feeds.
Class has become the first SMSF data feed provider to have ASAE 3402 assurance, Class Ltd CEO Kevin Bungard announced at the Class. CUP. Connect. 2016 conference.
ASAE 3402 is the Auditing and Assurance Standards Board’s standard for Assurance Reports on Controls at a Service Organsisation.
Previously SMSF auditors could conduct an ASA 402 (Auditing Considerations Relating to an Entity Using a Service Organisation) review, though this was a lengthy and involved process.
Mr Bungard said that “a handful” of auditors has come in to Class to conduct this review, but that this is not practical for all auditors.
“The great news is that you wont need to do that any longer,” he said, noting this was part of Class helping to streamline the audit process.
With the ASAE 3402 auditors can have a higher degree of confidence in the data feeds, such as bank feeds, going into Class super without having to go through their own procedure.
Conference attendees were told that this review helps software clients gain assurance that Class has processes in place, that security is best practice and that the data is read-only and comes from the provider not an impersonator.
“It’s only because Class is obsessive about security that were able to get this in place,” Mr Bungard said.
However he also made it clear that while this gives greater confidence to auditors it is still a question of auditor judgement.
“We think it’s going to be a huge benefit to you and to the auditors that you’re working with in terms of streamlining the process and allowing you to rely on the data that comes through,” Mr Bungard said.
SolePurposeTest.com attended the conference at the invitation of Class Ltd.