SMSF administration software delivers audited feeds in preparation for real-time reporting
Thursday, 20 July 2017 – In an industry first, SMSF administrators and auditors using Class’s SMSF administration software, Class Super, will be able to rely on SMSF data feeds certified with an ASAE 3402 Type II assurance.
Reliable, daily-reconciled data feeds are essential if accountants are to meet the SMSF real-time reporting requirements coming into effect.
Class CEO Kevin Bungard said monthly and quarterly data imports were not going to allow accountants to meet the much tougher reporting deadlines required by the ATO.
The new reporting requirements are a key “RegTech” integrity measure introduced as part of the Super Reform changes and the $1.6m Transfer Balance Cap.
Mr Bungard said data feeds were evolving rapidly and the Super Reform RegTech changes were just the tip of the iceberg, requiring SMSF administration software providers to respond quickly to the user’s needs.
“FinTech changes, including Blockchain and distributed ledger technology, the New Payments Platform and Open Banking standards will all disrupt the way that data feeds are delivered,” he said.
“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. They can’t pass an audit or meet the emerging data quality and technology standards that the industry is moving towards.”
Mr Bungard said Class was making a long-term investment in data feeds as a cloud based SMSF administration software. “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.”
ASAE 3402 is an Auditing and Assurance Standards Board standard that provides SMSF auditors with the assurance that Class SMSF software has controls in place within its data feeds system that manage the security, integrity and availability of data.
The standard allows auditors to substantially reduce the amount of testing required for balances and transactions maintained by Class.