The IAC valve is located on the throttle body, and it is actuated by the Powertrain Control Module (PCM). The PCM uses a variety of sensors to monitor the engine's idle speed, and it adjusts the IAC valve position as needed to maintain the desired idle speed.
If the IAC valve is not working properly, it can cause the engine to idle too high or too low. In some cases, the engine may even stall. If you are experiencing problems with your Malibu's idle, you should have the IAC valve checked by a qualified mechanic.