Lend Lease shares have hit a 14-month high after an investigation into errors in the accounts of its Abigroup construction business uncovered no widespread issues.

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

Lend Lease on Tuesday said its subsequent investigation had uncovered no systemic issues of a similar nature on other Abigroup projects.

The matter would not affect Lend Lease’s 2011/12 financial year financial position, and the company has not changed its 2012/13 financial year outlook, Lend Lease said.

Lend Lease shares gained 34 cents, or 4.15 per cent, to close at $8.53, their highest level since early August 2011.

A number of executives responsible for oversight and management of Abigroup stood aside while Lend Lease investigated the matter.

Lend Lease chief executive Steve McCann indicated on Tuesday that those involved in the accounting errors may lose their positions.

“We will be implementing additional controls and process improvements within Abigroup in order to address the circumstances that led to the matters identified and we will be making personnel changes as appropriate,” Mr McCann said in a statement.

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

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, potentially resulting in an under-reporting of its profit for 2011/12.

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