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The audits I perform uses the Class software to prepare the accounts etc. My question is 'Do I still require to receive all bank statements or just the final one for the financial year?
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I have a differing view as the feeds and therefore Class general ledger for the bank will sometimes offset entries of the same amount on the same day, so there is potential to overlook a contribution and withdrawal which could be associated with compliance concerns such as excess contributions. For this reason I always review the bank statements.
Hi Daisy
There may be differing views re this but my view is that as long as you know the feeds have been operational for the whole year then yes you should be able to rely on just getting the 30 June 2021 bank statement from an audit perspective.
You can email Class at support@class.com.au and request a copy of the audit report on their systems. There was one available re the year ended 30 June 2020 and I am now sure if the one for the year ended 30 June 2021 is yet available.
Per Class's website:
"ASAE 3402 Type I and Type II Assurance
Class has been qualified for an ASAE 3402 Type I Assurance Report, which is a review of the design and implementation of controls for the Class Data Feeds system, for the year ended 30 June 2020.
This review provides confirmation the Data Feeds meet the following compliance standards:
Monitored to ensure the correct account transaction data has been received
Ensure controls were in place within the Class Data Feed system to receive the data
Ensure internal controls were in place in order to manage security, integrity and availability of data
Class has also been qualified for an ASAE 3402 Type II Assurance Report which provides additional assurance the controls were operating effectively over the past 12 months, for the year ended 30 June 2020 ."
Thanks
SMSF AAA