The Securities and Exchange Commission has reached a settlement with a Canadian accountant over a botched audit.

The SEC say that it accepted the settlement offer of British Columbia-based accountant James Peach, in which Peach agreed to an order denying him the privilege of practicing before the commission as an accountant. However, Peach is not admitting or denying the SEC’s allegations.

The commission says that it has concluded that the sanction is appropriate in light of Peach’s improper professional conduct. According to the order, Peach engaged in improper professional conduct in connection with his audit of the fiscal 2000 financial statements of LASV Enterprises Inc., a Canadian company.

The order finds that LASV’s audited financial statements did not comply with generally accepted accounting principles because LASV recorded real estate in the Dominican Republic as the sole asset on its balance sheet when, in fact, the company did not own the property. It also states that Peach failed to comply with GAAP by, among other things, failing to obtain sufficient competent evidential matter upon which to base an audit opinion, including any evidence from third parties relating to LASV’s purported ownership of the property.