This article covers details of the ASAE 3402 Type II coverage including: 

• Overview
• Areas of Class covered by ASAE reports
• How to obtain the reports
• Key differences between ASAE 3402 Type I vs II Reports
• Data Feed & Direct Connect Documents report
• Tax Statements report
• Available ASAE 3402 reports

Overview

Class engages an independent auditor each year to produce an ASAE 3402 Type II report, which assesses various areas of the Class system.

ASAE 3402 (Assurance Reports on Controls at a Service Organisation) is the Australian standard that aligns closely with the international ISAE 3402 and SOC 1 frameworks. It assures clients and auditors that a service organisation (like Class) has appropriate internal controls in place, particularly those relevant to financial reporting.

These reports provide auditors with confidence in the effectiveness of Class’s internal controls for the relevant areas. As a result, auditors may be able to reduce the amount of substantive testing required during their audits.

The reports are available free of charge to Class users and can be shared directly with their auditors.

Areas of Class covered by ASAE reports

Class currently has two ASAE 3402 type II reports issued: 

• Data Feeds - including industry first Direct Connect Document Feeds
• Tax Statement Automation service

How to obtain the reports

You can obtain a copy of these reports from Class by raising a ticket with Class support or emailing (support@class.com.au). Make sure to include details of the auditor’s name, email address, and which reports you are after.

Evidence that the external auditor is auditing a Fund in the business will be reviewed (i.e. the user is an Auditor invited to a Business or Fund/s in Class).

Key differences between ASAE 3402 Type I vs II Reports

Once Type II reports become available, they are effectively superceding Type I reports. 

Data Feed & Direct Connect Documents report

Class obtains ASAE 3402 Type II Assurance Reports for its data feeds each financial year ending 30 June. These reports provide independent assurance over the design, implementation, and operating effectiveness of controls within the Class Data Feeds system.

A Type II report offers a higher level of assurance, as it confirms that the relevant controls were not only properly designed but also operated effectively throughout the 12‑month review period. In 2025, Direct Connect Document Feeds were included within the ASAE 3402 Type II report for data feeds.

The typical coverage period extends from 1 July of the prior year to 30 June, with the final report usually released in August or September.

Tax Statements report

The ASAE 3402 Tax Statements Report provides independent assurance over the design and operating effectiveness of controls within Class’s Tax Statement Automation Service. Conducted annually, this engagement demonstrates that Class maintains robust and reliable processes for sourcing and verifying distribution tax data used in financial reporting and tax return preparation.

The Tax Statement Automation Service aggregates distribution tax components from multiple trusted sources—including fund managers, ASX announcements, and share or unit registries—and reconciles them across at least two independent data sources. This verified information supports the automated tax templates available to Class clients, giving administrators and auditors confidence that the underlying data is accurate, consistent, and well‑controlled under the ASAE 3402 framework.

The Tax Statements Report is typically released in February, covering the period from 1 January of the previous year through to December (and occasionally into early January, depending on timing).

Available ASAE 3402 Reports

Data Feed & Direct Connect Documents reports

Below is a list of the historical ASAE 3402 Type II reports issued for Data Feeds & Direct Connect Document feeds from financial institutions.

Tax Statements report

Below is a list of the historical ASAE 3402 Type II reports issued for Tax Statements: