Class says it has achieved an ASAE 3402 Type 1 Assurance Report, the Auditing and Assurance Standards Board’s standard for assurance reports on controls at a service organisation.
The report 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.
“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,” Class chief executive Kevin Bungard said.
“We’re excited to deliver this industry-first development that will deliver efficiencies to the SMSF audit process.”
Partner at independent SMSF audit practice ASF Audits, Richard Smith, commended Class on its achievement.
“Completing the ASAE 3402 report ... further shows the importance they [Class] place on audit,” Mr Smith said.
“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.”