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VALIC
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related control objectives stated in the description were achieved. An examination engagement of
this type also includes evaluating the overall presentation of the description and the suitability of
the control objectives stated therein, and the suitability of the criteria specified by the service
organization and described in management’s assertion in Section II. We believe that the evidence
we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.
Inherent limitations
Because of their nature, controls at a service organization may not prevent, or detect and correct,
all errors or omissions in processing or reporting transactions
for contract/plan administration,
client record keeping, remittances, transfer of value and asset allocation, loans, benefit
payments, client reporting, investment processing, asset valuation, and compliance and
regulatory support
. Also, the projection to the future of any evaluation of the fairness of the
presentation of the description, or conclusions about the suitability of the design or operating
effectiveness of the controls to achieve the related control objectives is subject to the risk that
controls at a service organization may become inadequate or fail.
Other information provided by the service organization
The information included in Section V, “Other Information Provided by
VALIC: Management’s
Response to Operating Effectiveness Exceptions" (“VALIC Management Responses”)
, is
presented by management of VALIC to provide additional information and is not a part of VALIC's
description of its
Defined Contribution Plan Administration
system
for processing user entities
Annuity and Group Mutual Fund transactions
made available to user entities during the period
October 1, 2015 to September 30, 2016. Information about VALIC's
Management Responses
has
not been subjected to the procedures applied in the examination of the description of the
Defined
Contribution Plan Administration
system and of the suitability of the design and operating
effectiveness of controls to achieve the related control objectives stated in the description of the
Defined Contribution Plan Administration
system and accordingly, we express no opinion on it.
Opinion
In our opinion, in all material respects, based on the criteria described in VALIC’s assertion in
Section II,
a. the description fairly presents the
Defined Contribution Plan Administration
system that
was designed and implemented throughout the period October 1, 2015 to September 30,
2016.
b.
the controls related to the control objectives of VALIC stated in the description were
suitably designed to provide reasonable assurance that the control objectives would be
achieved if the controls operated effectively throughout the period October 1, 2015 to
September 30, 2016 and user entities applied the complementary user entity controls
contemplated in the design of VALIC's controls throughout the period October 1, 2015 to
September 30, 2016
c. the controls of VALIC tested, which referred to in the scope section of this report, if
operating effectively, were those necessary to provide reasonable assurance that the
control objectives stated in the description were achieved, operated effectively throughout
the period October 1, 2015 to September 30, 2016.