Class maximises efficiencies for clients through delivering independently certified and automated data feeds
Sydney, 8 June 2023 – Leading wealth accounting and SMSF technology company Class today announced it has obtained the latest assurance certification under the Auditing and Assurance Standards Board’s ASAE 3402 framework. The reports provide Class clients with assurance on the system of internal controls relating to Class’ Tax Statement Console, Automation and Data Collection System, maximising efficiencies and creating peace of mind for accountants, auditors and adminstrators. The assurance engagements were performed by Deloitte Touche Tohmatsu, in accordance with Standard on Assurance Engagements ASAE 3402 Assurance Reports on Controls at a Service Organisation.1
Along with the Data Feeds system assurance report relating to Class’ 200+ direct connect bank, broker and wrap feeds, Class continues to demonstrate its commitment to set the benchmark for automation of SMSF and wealth administration.
Class Chief Solutions Officer Panos Alexandratos said: “The Class Tax Statement automation service allows accountants and administrators to generate tax statements automatically for nearly 1,600 securities without needing to gather a range of tax statements and manually key in the data.
“Class collects the data relating to distribution tax components from fund managers, ASX announcement data, and annual tax statements issued to investors by registries. All data is thoroughly verified by reconciling it with at least two independent sources. The verified tax statement information is then used to create tax templates which are made available to clients.”
Assurance of effective controls
Class General Manager Growth Jo Hurley, who is also an ASIC registered SMSF auditor said: “The ASAE3402 controls report provides assurance to independent SMSF auditors that effective controls are in place to ensure the components of tax distributions have been captured accurately in the financial reports of an SMSF when our clients utilise the Class Tax Statement automation.
Ms Hurley also said auditors can rely on this report, along with other information, when assessing the risks of material misstatements.
“This should reduce the additional substantive testing when the client has used the automated tax statement service, reducing the amount of time required to complete an SMSF audit, which in turn saves time for our clients.”
Richard Smith, Managing Director at ASF Audits adds: “ASF Audits commends Class on completing the ASAE 3402 report on its Tax Statement automation service as it continues to provide SMSF auditors with time-saving technology. Accurate and reliable data is paramount to ensuring audits are completed efficiently. With over 25,000 of our clients’ funds on Class, this report will provide ASF Audits with further assurance on the controls over the automated tax statement feature and automation and the integrity of the software.”
Overcoming the challenge of manual processes through automation
The manual processing of distribution tax statements is often regarded as one of the more difficult and time-consuming tasks faced by SMSF administrators and accountants. It represents the last step in end-of-financial-year processing but can be challenging when it comes time for lodgement. Furthermore, if large volumes of data need to be manually entered, human error can be introduced that has a detrimental impact on the accuracy of the financial statements and annual return.
Ms Hurley said: “When it was first launched in March 2019, the Class Tax Statement Automation Service was a game changer, solving all of these challenges for our clients. Now that we have been able to secure ASAE 3402 assurance for the third year running, we can continue to work with our clients and their auditors to maximise the efficiency gains.”
Mr Alexandratos said the most valuable benefit of Class attaining ASAE 3402 assurance over Tax Statement automation and data feeds was peace of mind.
“SMSF auditors can be confident they are placing reliance on the highest quality of available data. This, in turn, allows them to provide the highest quality of service to their clients.”
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Class is a pioneer in cloud-based wealth accounting and is recognised as one of Australia’s most innovative technology companies, delivering trust accounting, portfolio management, legal documentation and corporate compliance solutions to financial professionals across Australia.
For further information, please visit https://www.class.com.au
1 Service Organisation Controls Reports and Tax Statement Automation and Data Collection System. The reports include Deloitte’s opinion on the design and operating effectiveness of controls to address control objectives which are likely to be relevant to internal controls related to financial reporting of Class clients.