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Rachelle Shamieh

on 5 November 2013

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Transcript of CapitalBanc

CapitalBanc Corporation

Capital National Bank
Public under CapitalBanc Corp.
Carlos Cordova- President, CEO, Chairman
Independent Audit Firm: Arthur Anderson
Arthur Andersen

Thomas Curtin, Audit Partner
James Lukenda, Audit Manager
Staff Auditors
$400,000 misappropriation
Secret Return
3 Keys and Explanation
Cordova guilty to 3 counts
Curtin and Lukenda sanctioned
Audit Seal
Management misguidance
Increase risk for tampering
Element of Surprise
Lack of Verification
Certificate of Deposit
Documentation of Liability
Cordova's Return
Internal Controls
Segregation of Duties
Possibility of Override
Unusual Circumstances
Suggested Procedures
Obtain an understanding of internal controls
Assess risk of material misstatement and design further audit procedures
Test of Controls
Substantive Procedures
Management Assertion
Professional Skepticism
"an attitude that includes a questioning mind and critical assessment of audit evidence"
Surprise Cash Fund Audit
$2.7 Million Reconciling
61% of General Ledger Cash Balance
Bank's Main Vault
3 Keys
Cash Count upon Cordova's Return
Unqualified Opinion
SEC Comment on Practice of Vault
"It is an unusual circumstance for a substantial portion of a bank's cash to be inaccessible for an extended period of time. It is also unusual for a substantial portion of a bank's assets not to be invested and earning interest for an extended period of time."
Existence and Occurrence
Verify cash amount of $2.7 Million
Claim Transactions

A Presentation By:
Rachelle Shamieh, Daisy Chung, Jannette Aguilera, and Fengluan Huang
Full transcript