By HOWARD WIEDENHOEFT
For the first 100 years of operation, both Ixonia Mutual Insurance Company and Watertown Mutual Insurance Company audited their own books. This was done at the end of each year by the directors as a whole or a committee made up of directors.
In the 1970s, Ixonia Mutual Treasurer Theodore Degner felt self-auditing was inadequate and that policyholders needed and expected an independent auditor to review its books. Showing great foresight, he suggested this audit would give policyholders confidence in the financial strength and soundness of the mutual. Ixonia Mutual’s 1975 books were opened up and audited for the first time by an independent auditor, who then presented its findings to the board of directors and policyholders at the 1976 annual meeting. This was the first annual report presented on an accrual basis. [Read more…] about By the Minutes: Establishing Confidence in Financial Strength