Industry and association bodies come together for Class Ignite 2023

The two-day conference will kick off with the release of the Class annual benchmark data key metrics that comprise the SMSF sector and cover everything from demographics to contributions, asset allocations and industry size.

Industry leaders and experts including SMSF Association CEO Peter Burgess, will give insights into the data in a must-see panel discussion.

"Driven by higher contribution flows and strong investment markets, the SMSF sector grew at the fastest rate in 2022/23 compared to the previous financial year," Mr Burgess told SMSF Adviser.

“The SMSF sector has been a beneficiary of recent legislative developments, including the relaxation of the contribution work test rules for older Australians and the lowering of the eligibility age for making downsizer contributions. It is pleasing to see SMSF members taking advantage of these measures that are designed to provide older Australians with greater flexibility to save for retirement.”

Jo Hurley, general manager, growth at Class, said the launch of the Class Ignite annual benchmark report is one the biggest drawcards of the event and the opening panel discussion will allow industry experts to discuss its findings.

Class Ignite 2023 will bring together a mix of SMSF specialists and leaders from associations such as CAANZ and Deloitte to discuss the most recent issues and innovations in the industry.

Also on day one, Ms Hurley will be hosting a second panel discussion on maximising efficiency with Class and the ASAE 3402 Assurance Reports which will feature Masood Mehmood, senior policy advocate, reporting and assurance, CAANZ; Richard Smith, managing director, ASF Audits; and Kerrie-Ann Barrett, director, digital and technology risk, Deloitte.

This is the seventh consecutive year that Class has gained ASAE3402 certification over its data feeds, and the third year for its tax statement automation service.

In this discussion, panellists will give valuable insights into what is involved in an ASAE3402 assurance engagement and its benefits to the SMSF sector.

“We’ve been working with auditors, professional bodies and Deloitte to get a better understanding of the work and how better educate auditors and clients on the value of these controlled assurance reports over our data feeds,” Ms Hurley told SMSF Adviser.

“There is a huge difference in direct data feeds that are covered by ASAE and other data solutions and the purpose of working with professional bodies is that they are interested in training and educating their members on its implications from an SMSF audit perspective.

“We want to ensure auditors have all the information and tools they need to be able to understand the process and how they can modify their own audit processes as well.”

Mr Smith from ASF Audits will speak to how time-saving technology, accurate and reliable data, and integrity of software are paramount in maximising audit efficiency and quality.

Ms Hurley said it is important that as technology evolves, the risk from an audit perspective and their procedures change as well.

“We want to make sure audit programs are evolving as technology improves and auditors can modify procedures and reduce substantive testing in certain areas and focus on the audit risks that are left over,” she said.

A keynote address from Peter Williams, global thought leader and digital innovation expert on day two will look at how accountants, advisers and auditors can keep pace with digital innovation.

Mr Williams will explore the notion of innovation, the concept of technology and generative AI being the biggest change to confront the industry.

“Peter Williams has detailed knowledge of the SMSF sector and sees it as a disruptor in the super space and is great at bringing to life what the future state looks like,” Ms Hurley said.

The Class Ignite 2023 event will be held at the Sydney Hilton on September 13–14. For more information or to register for the event click here.