LOS ANGELES, NOV. 9 -- A 14-month investigation into the financial affairs of Cannon Group ended today when the entertainment company and three Cannon officials agreed to a settlement with the Securities and Exchange Commission.

Among its sweeping allegations, the SEC said that Cannon misstated pretax earnings from 1982 through the first half of 1986, using those figures to raise $339 million from the public between October 1983 and April 1986. The agency also said Cannon improperly recorded a $42 million gross profit last year from the licensing of TV and video rights to a West German company while the deal was still being negotiated.

In its civil action, the SEC alleged that the Los Angeles company, its president and chief executive Yoram Globus, senior executive vice president Barry I. Lublin and former vice president David A. Burkhardt violated or helped others violate antifraud provisions of the federal securities laws.

The SEC also contended that Cannon, Globus and Lublin violated laws concerning reporting, proxies, record keeping and internal controls.

Without admitting or denying any of the allegations, Cannon and the three individuals agreed to the entry of a permanent injunction ordered today in Los Angeles by U.S. District Judge Dickran Tevrizian.

Globus, Lublin and Burkhardt were available for comment.

Lublin was recently named chief executive of Commonwealth Theatres, a Cannon subsidiary, according to Cannon executive vice president Lisbeth Aschenbrenner. Lublin was an outside accountant to Cannon before joining the company to serve as chief financial officer from July 1985 to December 1986.

Burkhardt, formerly vice president of finance, is a consultant in the international sales department, Aschenbrenner said.

As part of the settlement, Cannon agreed to have independent auditors review the adequacy of its accounting procedures and controls in eight specific areas and to hire an "independent person" in the next 60 days to examine all company transactions between Jan. 1, 1984, and Dec. 31, 1986, that cost more than $60,000 and involved directors, officers or family members.

The company also agreed to make specific and continuing disclosures about its contract to provide television and video rights to Video Medien Poll GmbH of Munich, down to the very titles delivered.

Cannon also agreed to engage independent auditors for the next three years to conduct a special review of the adequacy of the company's accounting procedures and controls.

Scheer, a Cannon investor since May who became chief financial officer in September, said today that "a lot of the SEC {requirements} are already followed now." However, he said, the company has not yet named an independent person to review past transactions with directors, officers and family members.