PBS&J Reports Missing Funds And Exit of Top Finance Officer
What started as the detection by internal auditors of accounting irregularities in health benefit expenses and reserves apparently has blossomed into a full-blown investigation and attempt to recover lost funds. As many as two additional former staff members are connected to the irregularities, company officials say.
Financial reports and net income for the previous three years may need to be restated, based on the outcome of the investigation, the company reported March 23 and 30. PBS&J reports its financial condition to the U.S. Securities and Exchange Commission because of its large number of employee shareholders. The firm reported $450.7 million in 2004 revenue, up from $389.1 million in the prior year. It is ranked 21 among ENRs Top 500 Design Firms (ENR 4/18 p. 42).