State licensing regulators have revoked the license of a Bountiful accountant because he had been barred from practicing before the federal Securities and Exchange Commission.

According to an order issued by the state Division of Occupational and Professional Licensing, Lynne Kay Mercer, a partner in the firm Mercer & Pierce, was investigated by the SEC for an audit he conducted.Investigators turned up improper valuation of assets, improper capitalization of the company's organization expenses, inadequate and inaccurate disclosures, and failure to comply with Generally Accepted Auditing Standards, the order said.

In April 1989, the SEC permanently denied Mercer's privilege to practice before the federal agency, the order said, but he can reapply in three years.

Mercer said he will appeal the state's order and request a stay of revoking his certified public accountant license, which will remain valid until May 22.