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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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VALIC
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Control Objective 8
- Controls provide reasonable assurance that transaction confirmations, participant account
statements, and plan reports are accurate, complete, and are delivered to participants without intervention.
VALIC Control Activities
Tests of Operating Effectiveness
Results of Tests
8.4 VALIC audits a sample of
quarterly account statements
prior to authorizing the release of
statements for mailing or online
viewing.
Inspected a sample of quarterly account
statements to determine whether
VALIC audited the statements prior to
authorizing the release of statements
for mailing or online viewing.
Inspected a sample of audits that
identified discrepancies in the pre-
production account statements to
determine whether the account
statements were corrected in a new
account statement.
No exceptions noted.
No exceptions noted.
8.5 A confirmation letter is sent to the
participant by a third-party vendor
upon completion of non-monetary
changes processed through
AGILEnet and
VALIC.com. VALIC
performs a daily reconciliation of
confirmation counts sent from
VALIC to the third-party vendor
and confirmation counts received
from the third-party vendor.
Inspected a sample of non-monetary
beneficiary and data maintenance
changes to determine whether VALIC
or the third-party vendor sent a letter
to participants notifying them that a
change was made to their account.
Reperformed a sample of daily
reconciliations to determine whether
confirmation counts VALIC sent to
the third-party vendor agreed to the
confirmation counts VALIC received
from them.
No exceptions noted.
No exceptions noted.
8.6 A confirmation letter sent to the
participant upon completion
of non-monetary changes
processed through the record
keeping system and AWD.
Inspected a sample of non-monetary
beneficiary and data maintenance
changes processed manually to
determine whether confirmation
letters were sent to participants and
were stored in AWD.
No exceptions noted.
8.7 A transaction confirmation is
sent to the participant by a third-
party vendor upon completion
of Asset Allocations or TOV
transactions. VALIC performs a
daily reconciliation of transaction
confirmation counts sent from
VALIC to the third-party vendor
and transaction confirmation
counts received from the third-
party vendor.
Inspected a sample of Asset Allocations
and TOV changes to determine whether
VALIC Participant Reporting performed a
daily reconciliation between confirmation
counts VALIC sent to the third-party
vendor and the counts VALIC received
from them, and any discrepancies were
investigated and resolved.
Reperformed a sample of daily
reconciliations to determine whether
confirmation counts VALIC sent to
the third-party vendor agreed to the
confirmation counts VALIC received from
them.
Inspected a sample of third-party invoices
to determine whether VALIC utilizes
the third-party vendor to send TOV and
Asset Allocation change confirmations.
No exceptions noted.
No exceptions noted.
No exceptions noted.
IV. VALIC control objectives and controls, and PricewaterhouseCoopers LLP's tests of operating
effectiveness and results of tests