MOST frauds on companies internationally are carried out by employees, according to a survey by Ernst & Young. Overall, the survey found that four out of five of the most serious frauds involved employees.

There is a big variation between companies in different countries. Fewer than two out of three frauds were carried out by employees in Ireland, Hong Kong and the Netherlands. This rose to nine out of 10 in Denmark and New Zealand.

More than half of the senior executives in the 11 countries surveyed revealed that the frauds suffered by their companies had been discovered by chance. This was through outside information, anonymous tip off, internal whistle blowing or change of management. In Ireland, the figure was significantly lower at 18 per cent.