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Class announces achievement of ASAE 3402 assurance for data feeds, helping to significantly streamline the auditing of SMSFs

Thursday, 1 September 2016 – In an industry first, Class has announced that it has achieved ASAE 3402 assurance for its data feeds system.

ASAE 3402 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.

As Kevin Bungard, CEO of Class explains: “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. We’re excited to deliver this industry first development that will deliver efficiencies to the SMSF audit process.”

Richard Smith, Partner at ASF Audits adds: “ASF Audits commends Class on completing the ASAE 3402 report as it further shows the importance they place on audit. With over 8,000 of our clients’ funds on Class, accuracy of the data feeds within Class is paramount and this report will provide ASF Audits with further assurance on the controls over the data feeds system and the integrity of the software.”

Background on ASAE 3402

ASAE 3402 is the Auditing and Assurance Standards Board’s standard for Assurance Reports on Controls at a Service Organisation. Class has achieved an ASAE 3402 Type 1 Assurance Report, comprising a review of the design and implementation of controls at 30 June 2016 for the data feeds system. Data feeds from financial organisations are monitored to ensure that the account transactions are received. Once received, controls are in place within the Class data feeds system managing security, integrity and availability of data.

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