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Access to Data Files and Programs............................................................................................................................................. 43
Program Execution Controls........................................................................................................................................................... 44
Backup of Programs and Data Files............................................................................................................................................. 45
Physical Access................................................................................................................................................................................... 46
Control objectives and related controls..................................................................................................................................... 47
Complementary User Entity Controls........................................................................................................................................ 47
IV.
VALIC control objectives and controls, and PricewaterhouseCoopers LLP's tests of operating effectiveness and results of tests........................................................................................................49 Purpose and objectives of the independent auditor’s examination................................................................................. 50 Tests of operating effectiveness................................................................................................................................................... 50 Transaction processing controls................................................................................................................................................... 51 Contract/Plan Administration....................................................................................................................................................... 51 Record Keeping - Changes to Non-Monetary Data.............................................................................................................. 52 Record Keeping - Remittances...................................................................................................................................................... 54 Record Keeping - Loans.................................................................................................................................................................... 58 Record Keeping - TOV/Asset Allocation Changes................................................................................................................ 60 Record Keeping - Benefit Payments............................................................................................................................................ 63 Record Keeping - Check and EFT Payments............................................................................................................................ 65
Participant Reporting........................................................................................................................................................................ 68
Investment Processing..................................................................................................................................................................... 70
Asset Valuation................................................................................................................................................................................... 72 Retirement Manager......................................................................................................................................................................... 74
General computer controls............................................................................................................................................................. 78
Applications and Systems Development andMaintenance.............................................................................................. 78
Access to Data Files and Programs............................................................................................................................................. 81 Program Execution Controls...........................................................................................................................................................87
Backup of Program and Data Files............................................................................................................................................... 89
Physical Access................................................................................................................................................................................... 90
V.
Other information provided by VALIC: Management's response to operating effectiveness exceptions................................................................................91VI.
Glossary..........................................................................................................................................................................................95Report on controls placed in operation and tests of operating effectiveness
This report is intended for use by the management of the Variable Annuity Life Insurance Company ("VALIC") and its subsidiaries.
VALIC Retirement Services Company ("VRSCO") and VALIC Financial Advisors, Inc. ("VFA"), its user entities, and the independent
auditors of its user entities, and is not intended and should not be used by anyone other than these specified parties.
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