It is understood that an anonymous letter sent to council leader Jim Logue, made allegations about contracts secured by the company and the council's procurement process.
The Council has launched its own investigation into the claims and is understood to have also raised the matter with Police Scotland.
Council leader Jim Logue, said: "These allegations, which are detailed, concern some of the council's procurement processes. If true, they are extremely serious.
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"I immediately instructed Paul Jukes, the chief executive, to launch an investigation. That investigation, led by the council's internal audit team, is already underway. Should the auditors find anything which substantiates these allegations that evidence will immediately be handed over to Police Scotland.
"The internal audit team are able to access all files held by any part of the council and all IT systems. The chief executive has also made Police Scotland aware of the allegations and investigation.
"It is essential that the people of North Lanarkshire are able to have full confidence in the way the council conducts its business and I am determined that we are transparent at all times. Although these are currently unsubstantiated, anonymous allegations I believe that it is right to carry out a full investigation and share any evidence which comes to light with the police.
"As that investigation is now under way, it would be inappropriate for the council to comment further."
(MH)
