Aflac 2009 Annual Report Download - page 94

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Report of Independent Registered Public Accounting Firm on Internal Control
Over Financial Reporting
The shareholders and board of directors of Aac Incorporated:
We have audited Aac Incorporated and subsidiaries’ internal control over nancial reporting as of December 31,
2009, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). Aac Incorporated’s management is responsible for maintaining
effective internal control over nancial reporting and for its assessment of the effectiveness of internal control over nancial
reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our
responsibility is to express an opinion on the Company’s internal control over nancial reporting based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
effective internal control over nancial reporting was maintained in all material respects. Our audit included obtaining an
understanding of internal control over nancial reporting, assessing the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included
performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a
reasonable basis for our opinion.
A company’s internal control over nancial reporting is a process designed to provide reasonable assurance regarding
the reliability of nancial reporting and the preparation of nancial statements for external purposes in accordance with
generally accepted accounting principles. A company’s internal control over nancial reporting includes those policies
and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reect
the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of nancial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the nancial
statements.
Because of its inherent limitations, internal control over nancial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
In our opinion, Aac Incorporated and subsidiaries maintained, in all material respects, effective internal control over nancial
reporting as of December 31, 2009, based on criteria established in Internal Control - Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO).
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States), the consolidated balance sheets of Aac Incorporated and subsidiaries as of December 31, 2009 and 2008, and
the related consolidated statements of earnings, shareholders’ equity, cash ows, and comprehensive income for each
of the years in the three-year period ended December 31, 2009, and our report dated February 26, 2010 expressed an
unqualied opinion on those consolidated nancial statements.
Atlanta, Georgia
February 26, 2010