TDECU's audit committee acts as your independent representative to ensure the financial condition of the credit union is strong and secure. The Audit Committee is an extension of the Board of Directors and has oversight responsibilities for the financial reporting control process, the system of internal controls, the audit process, monitoring compliance with laws and regulations, and monitoring the compliance of operating policies and procedures for TDECU and its subsidiaries.

Throughout the year, internal audits, external audits, and regulatory examinations are performed to carry out these responsibilities in an efficient and prudent manner. The Texas Finance Code requires requires an annual audit of the credit union's financial records. 

To accomplish this in 2021, the Audit Committee engaged the services of Doeren Mayhew, one of the top accounting firms serving credit unions in the United States, to audit the financial statements. Doeren Mayhew rendered an unmodified opinion on TDECU's consolidated financial statements and subsidiaries for the year ending December 31, 2021.

The Board of Directors’ meeting fee was $1,000 per Board of Directors’ meeting and $500 per committee meeting.

In 2021, the following bylaw changes were made:

1. Section 5.09 Duties and Powers of Directors was amended in April 2021 to align with the Texas Standard Bylaws for State and Chartered Credit Unions as updated on October 18, 2013.

As TDECU grows, the Audit Committee reviews and edits the audit plan to ensure that new and emerging risks are reviewed and mitigated. On behalf of the Audit Committee, I would like to thank our TDECU team and volunteers for their dedication to improving lives and making 2021 a successful year.