On this debut episode of "Catching Fraud and Valuation Miscalculation," where the intricate world of fraud prevention and valuation errors in businesses of all sizes is thoroughly examined, Maria Tsennykh features a seasoned expert in fraud detection and prevention, Yulia Maksimenko. With over 20 years of experience, Yulia, a principal at TSENU Consulting, shares invaluable insights on how business owners—from liquor stores to office spaces—can safeguard their enterprises against fraud.
This episode explores the endemic risk of fraud that businesses face, often going undetected or unreported for years. Yulia provides startling statistics, revealing that 50-80% of companies have experienced some form of fraud recently, with an average of 5% of revenue being siphoned off. Practical steps for fraud prevention are discussed, emphasizing the importance of hiring the right people and the necessity of a robust internal control system.
Yulia underscores the significance of fostering an ethical work environment, where misconduct is not tolerated and employees are encouraged to report suspicious activities through anonymous channels. The role of internal controls, segregation of duties, detailed record-keeping, and the power of whistleblowing in uncovering fraud are central themes. Featuring both personal anecdotes and real-world case studies, this episode is packed with tips and strategies that are essential for any business owner.
Listeners will uncover the layers of fraud prevention and learn how to protect their most valuable assets.
00:00 Introduction to fraud
05:47 Focus on space-related issues and fraud prevention
08:43 Enforcing cleanliness reduced New York Metro crime
10:25 Focus on selecting psychologically suitable employees
16:00 Management team committed fraud; previous company history
20:23 Carefully select people; implement strong internal controls
25:54 Safe communication is crucial for addressing issues
26:44 Whistleblowing: Essential for exposing hidden fraud cases
29:54 Analyze management accounts for unusual fluctuations
33:52 Internal controls needed for bank loan approval
36:07 Maintain detailed records to prevent financial confusion
40:12 Conclusion
About Yulia Maksimenko:
Yulia Maksimenko specializes in white-collar crime investigations and bribery and corruption reviews (including, but not limited to, Foreign Corrupt Practices Act reviews and monitorships). She is a highly accomplished professional with over twenty years’ experience in preventing and detecting fraud, forensic accounting, corporate investigations, AML reviews and internal audits. She is well-versed in working as a joint team with law firms and independently investigating complex cross-border matters. Yulia has international experience of working in Russia and Eastern Europe, UK and USA. Yulia is a Certified Fraud Examiner.
About Maria Tsennykh:
Maria Tsennykh, Ph.D., has more than 20 years of experience in valuation, forensics, litigation, investigations and audit, including services as an expert witness and 11 years at a Big Four Firm. In addition, having worked on two continents, she combines her economic, accounting, corporate finance, valuation and investigations backgrounds to advise clients in a variety of complex circumstances in the U.S. and internationally. Her experience includes damages analysis, assessment of corporate governance practices and internal controls, business and intangible assets valuation, and international arbitration advisory. She also regularly directs large-scale financial investigative assignments including forensic accounting investigations, financial fraud investigations, financial reporting investigations, white-collar crime investigations, corporate governance investigations and investigations involving the Foreign Corrupt Practices Act (FCPA).
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