Intrenet Inc., Milford, Ohio, has appointed an outside legal firm to help with the company's internal investigation of "accounting issues" the company discovered at its Columbus, Ohio-based Advanced Distribution System subsidiary.
The inquiry stems from an internal audit showing $1.3 million in unrecorded expenses at ADS. The inquiry could result in new financial statements for 1998 and 1999, as well as for the first and second quarters of 2000.
The person believed to be responsible for the problem is no longer with the company.
The company has appointed Washington, D.C.-based legal firm Kirkpatrick & Lockhart, which in turn has engaged the investigative accounting firm Ten Eyck Associates to help in the investigation.
Since its organization in 1983, Intrenet has grown to become one of the largest public flatbed carriers in North America. Subsidiary ADS has 180 company-owned tractors and more than 400 owner-operator units. In addition to ADS, Intrenet owns Roadrunner Trucking and Roadrunner Distribution Services, both based in Albuquerque, N.M.; Eck Miller Transportation, Rockport, Ind.; and INET Logistics, Denver.
Intrenet Appoints Outside Firm to Look Into Accounting Problems
Intrenet Inc., Milford, Ohio, has appointed an outside legal firm to help with the company's internal investigation of "accounting issues" the company discovered at its Columbus, Ohio-based Advanced Distribution System subsidiary
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