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  • ESG...OMG: More Opportunity for Fraud

ESG...OMG: More Opportunity for Fraud

  • September 19, 2022
  • 11:00 AM - 11:59 AM
  • Group Internet Based

Registration

  • Discounted registration for members of the Austin Chapter
  • This type of registration is only available for students who are current members of the Austin Chapter of the ACFE.

ESG:  OMG - More Opportunity for Fraud

Description Regardless of the nature of your work as a fraud examiner, auditor, wealth adviser or related role, Environmental, Sustainability, & Governance (ESG) reporting may soon impact you.  ESG reporting encompasses non-financial factors related to sustainability & the environment; demands for this data have been driven, in large part, by investors.  In 2020, $25 trillion of ESG-related assets were held in managed portfolios and is projected to reach $53 trillion by 2025.  The SEC has proposed regulations for required reporting of ESG data with expectations that the reporting will be audited. How will an auditor evaluate the accuracy of such data and how will a fraud examiner distinguish between fraudulent ESG narratives and "spin" (aka, greenwashing)?  As a harbinger of anticipated ESG fraud, earlier this year the ACFE issued a special joint report with Grant Thornton on the subject of ESG reporting.  They cited the need to add a branch to the Fraud Tree for "Non-Financial Reporting Fraud." The report also described how ESG fraud may occur and how it will affect fraud risk.  An estimated 1,000 lawsuits have already been filed in various jurisdictions with claims that corporate reports of ESG practices were falsified to attract investors and consumers. 


Speakers:

Steven F. Orpurt, PhD is a Clinical Professor of Accounting at Arizona State University where he teaches ESG Reporting & Ethics, a cross-listed course with ASU’s first in the nation School of Sustainability.  He holds the Fundamentals of Sustainability Accounting credential from the Sustainability Accounting Standards Board.  His professional accounting experience was with KPMG and Franklin Templeton, in addition to litigation expert witness consulting (including JPMorgan Chase & Co.'s Enron class action lawsuit). Before joining ASU, he was an Assistant Professor at Singapore Management University and held visiting professorships at The University of Chicago and Purdue University. He has taught various accounting courses at Boston University, INSEAD, Northwestern Kellogg School of Management, among others.

Carolyn Conn, PhD, MBA, CPA, CFE is a Clinical Associate Professor of Accounting at Texas State University.  Her teaching & research interests are Fraud Examination, Accounting Ethics & Corporate Governance, and Cost Accounting. She has published numerous teaching cases that focus on ethics, corporate governance, and occupational fraud.  Her work experience includes administrative positions in higher education at multiple universities.  During the 2021 Global Conference, she was honored as the ACFE Educator of the Year. 

Learning Objectives - After attending this session, participants will be able to:

  • Explain ESG reporting and the demand for this type of non-financial data
  • Describe proposed SEC regulations related to ESG reporting
  • Identify fraud risks, increased opportunity, & methods of Non-Financial Reporting Fraud
  • Describe the credential in Fundamentals of Sustainability Accounting from the SASB

Recommended CPE credit & Field of Study:  1 total CPE hour & field of Specialized Knowledge


Refund, Cancellation & No-Show Policy: Refunds of fees paid for internet-based sessions may be provided only if registrant contacts Austin ACFE within 24 hours of the start time of the session & documents an emergency or similar event that prevented participation. For in-person events, registration cancellations and refund request must be made by contacting Austin ACFE within 5 calendar days from the start time of the session.  Cancellations received less than 5 days prior to events will not be refunded except for exigent circumstances.  Contact must be made via email to: info@austinacfe.com

In the event a registrant does not show up to an event, the registration cost will be forfeited. If payment at the door was the selected method, the registrant will be billed for the full cost of the event. The Austin ACFE reserves the right to bar from future events registrants who routinely register and fail to pay and/or attend the event.


For events provided by the Austin chapter at no cost to registrants, there will be no refunds.


Complaint Resolution Policy:  Any concerns or complaints about registration for an event must be made within 14 calendar days of the event (with the event date counting as day 1) in writing to:  info@austinacfe.com  


NASBA Registry: The Austin Area chapter of the Association of Certified Fraud Examiners is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org


Non-profit Status:  The Austin Area Chapter of The Association of Certified Fraud Examiners is a non-profit organization formed in the State of Texas and registered as a 501 (C) (6) organization with the IRS.

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Austin Area Chapter of the ACFE

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