The announcement of the death of Jacob (Jack) P.
Friedman on June 8, 1965, brought sadness to all of us
and particularly to those who knew him so well. Ill health
had forced Jack to retire from the firm as an active partner
in 1957. For many years he was a partner of Touche,
Niven & Company in the New York office. He remained
there after the formation of Touche, Niven, Bailey &
Smart, served as an initial member of its Policy Group,
and was managing partner of the New York office.
Jack Friedman was an ardent student of auditing and
accounting where his specialty was so well known to the
retail trade that he was often referred to as the "dean"
of retail accounting. His writings were prolific on a number
of subjects, particularly on the retail method of inventory.
His early book on this then new approach to
inventory valuation was used as a text book by many
educators and practitioners. In later years he showed the
same keen interest to the application of LIFO to retail
inventories and many of his articles appeared in professional
and trade periodicals. He contributed greatly to
the firm's image in retailing and our retail clients spoke
of him with esteem.
Jack was a sound and thorough auditor. He was a
"stickler" for examining methods of internal control and
was ever aware of changes in tax legislation and the
possible effect of these changes on the income of his
clients. The handling of deferred profit on installment
sales was one of his pet subjects.
Many organizations and groups called upon Jack to
address their meetings on technical subjects and he spoke
frequently. He was an extremely active member of the
AICPA and served on many of its committees including
the Committee on Accounting Procedures. He took a
similar interest in the affairs of the New York Society of
CPAs and the Controllers' Congress of the National Retail
We are left with a greater heritage because we were
fortunate to have known and worked with Jack Friedman
over the years of his business career. We extend our
deepest sympathy to his devoted wife, Sadie, and their
two daughters, and know that they are' justifiably proud
of his life's accomplishments. We will miss you, Jack.