Senior executives at Lend Lease’s construction company Abigroup have stood aside because of potential omissions of profits and costs from its financial reports.

Senior management at Lend Lease found discrepancies in Abigroup’s numbers for the year to June 30, relating to road projects in Queensland and Victoria.

A number of executives responsible for oversight and management of Abigroup have stood aside while Lend Lease investigates the matter, it said on Monday.

“We take seriously any potential reporting and compliance issues, and are committed to resolving this matter fully and as quickly as possible,” Lend Lease chief executive Steve McCann said in a statement.

On the information so far available to Lend Lease senior management, there was expected to be no impact on Lend Lease’s financial result for the 2011/12 financial year or its outlook, the company said.

Lend Lease shares fell sharply on Monday, dropping 60 cents, or 7.1 per cent, to $7.84 by 1537 AEST.

Abigroup is involved in hundreds of construction and engineering projects, and came under the control of Lend Lease in 2011.

Lend Lease said it appeared that Abigroup’s full share of profits from a joint venture carrying out an upgrade of the Ipswich Motorway in Queensland was not reported in the year to June 30.

That potentially resulted in an under-reporting of Abigroup’s profit for 2011/12 financial year.

In the second discrepancy, some costs from Abigroup’s Peninsula Link freeway project in Victoria appear not to be have been reported in the year to June 30, potentially leading to an over-reporting of Abigroup’s profit for the period.

While the investigation is conducted, Lend Lease’s chief operating officer in Australia, David Saxelby, and Lend Lease financial controller Andrew Muller will take operational and financial oversight of Lend Lease’s construction business.