Britain's SIG overstated its 2016 profit by up to £3.7m, the building products distributor said today after a review.
The news comes less than a month after the company revealed an overstatement of cash and trade payables.
SIG said it suspended a number of individuals and was working with auditors Deloitte to ensure "the correct accounting treatment".
The company, which has been struggling to recover from weak trading in its UK insulation, interiors and offsite construction businesses, said a number of accounts were overstated, "in some cases intentionally".
The review followed a whistleblowing allegation of potential accounting irregularities at unit SIG Distribution.
SIG said its forensic review had revealed an overstatement for the year to December 2016 and a further overstatement of up to £400,000 before 2016.
On January 9 it disclosed an overstatement of cash of about £20m as of December 2016 and of about £27m as of the end of June 2017.
The company said it identified a number of actions to remedy the problems and had engaged auditors KPMG to conduct a review of financial reporting at the division for the year to December 31, 2017.
But SIG still reaffirmed its 2017 underlying profit forecast. It is set to announce the full-year results on March 9.
CEO Meinie Oldersma took over in April to lead a turnaround of SIG's business across Europe. His predecessor, Stuart Mitchell, stepped down after a profit warning.
