Newspaper article THE JOURNAL RECORD

Schiffman Urges Use of CPA Peer Reports

Newspaper article THE JOURNAL RECORD

Schiffman Urges Use of CPA Peer Reports

Article excerpt

John Schiffman, a leader in the accounting profession, has challenged businessmen and bankers to know more about the qualifications of certified public accountant firms.

Schiffman issued his statement Monday before representatives of some 450 accounting firms who attended the Private Companies Practice Section conference in Fort Worth.

Schiffman also challenged every accounting firm that performs audits to join the profession's self-regulatory arm and undergo an evaluation of its quality controls.

According to Schiffman, chairman of the executive committee of the Private Companies Practice Section, some businessmen are already relying on the evaluations, which are called peer group review reports. The reports are available on any CPA firm that is a member of the Division for CPA firms, a unit of the American Institute of CPAs.

He said written evaluations of the quality controls of about 1,600 CPA firms are in a public file at section headquarters in New York.

"In the past," said Schiffman, "business owners, financial officers and bankers often had to rely upon intangibles like word-of-mouth, image or reputation when selecting a CPA firm or evaluating the work of an accounting firm. Now peer review reports are available, and businessmen and bankers should be using them. . ."

Patrick McDonald has been named first vice president and manager of PaineWebber Inc.'s Oklahoma City office, it was announced today.

In his new position, McDonald oversees the office's investment operations and a staff of 13 investment executives and nine support personnel. He plans to expand the size of the office in the near future.

McDonald, who joined PaineWebber in 1959, has 27 years of experience in the securities industry. Before coming to Oklahoma City, McDonald worked as coordinator for PaineWebber's merger with Rotan Mosle Financial Corp. in 1983. Prior to that, he had worked out of New York headquarters as manager of the branch services department and manager of the margin department. …

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