Class Super ASAE 3402 – means less documents required for audit
Last month Class Super received ASAE 3402 assurance for its data feed system. You can read their full media release here: https://www.class.com.au/news-and-media/class-announces-achievement-asae-3402-assurance-data-feeds-helping-significantly-streamline-auditing-smsfs/
The report is designed to provide us as SMSF Auditors with reasonable assurance as to the accuracy of the data feeds that Class receives. We have received a copy of the audit report and have reviewed it in detail, as well as taking into account our years of experience using the system.
Based on the information we have received from Class we are happy to say that receipt of the report will mean that we are able to reduce the amount of substantive testing we do when auditing SMSFs in Class in certain circumstances. Specifically we are able to do less testing in regards to bank and broker transactions that have been processed via a data feed. The report does not necessarily say that the data provided to Class is always correct, or that Class processes it correctly, only that there is reasonable assurance that the data that Class receives is what will be processed in the system. Accordingly we must still perform some checking in order to provide our audit opinion.
As a result, going forward we will no longer need to see bank statements where:
- We have a bank statement on file to confirm the current holder of the account
- The bank account was on a data feed in Class for the full financial year,
- There has been no manual change to the data that has been received, and
- The feed balance data is showing as correct.
This also holds true for broker transactions in that we will no longer need to see contract notes or broker transaction summaries for trades have come through on the data feed and no manual changes have been made. Broker holding summaries should still be provided to ensure that in specie transfers and corporate actions have been accounted for.
This will mean that there is less paperwork for you to provide at the end of each year, and should make our auditing process faster and more streamlined in most cases.
If you have any questions about what this means for future audits please do not hesitate to email us at email@example.com.
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