The U.S. audit watchdog board on Wednesday said it was revoking the registration of accounting firm Kenny H. Lee CPA Group Inc. due to violations committed while auditing the financial statements of Axesstel Inc. and GSL Holdings Inc.

The Public Company Accounting Oversight Board (PCAOB) reached a settlement with the Los Angeles-based accounting firm that revoked its registration and barring its sole shareholder, Kwang Ho Lee, from working at a registered public accounting firm. The firm didn’t admit or deny the allegations.

The oversight board said the firm violated rules and auditing standards while auditing the financial statements of two clients, wireless phones maker Axesstel and trade logistics group GSL Holdings.

The board said Lee’s firm violated auditing standards in its 2003 audit of GSL Holdings by not obtaining enough information to decide whether the company had legally acquired and properly valued two properties. With Axesstel, the board said Lee’s firm didn’t perform any audit procedures to determine if restatements of financial results that management provided actually conformed with generally accepted accounting standards.

The board also said Lee violated independence standards with Axesstel by continuing to be the company’s auditor after joining its board of directors in 2003.

Lee, 45, of Rancho Palos Verdes, was barred by the board from future accounting work. Auditors whose registrations are revoked by the accounting board may not do accounting work for public companies, but they are allowed to work as internal auditors or consultants.