Sandra Vera-Munoz

Ernst & Young Faculty Fellow, Associate Professor

Accountancy

Biography

Sandra C. Vera-Muñoz is an Associate Professor, EY Faculty Fellow, Notre Dame Deloitte Center for Ethical Leadership Faculty Fellow, and former Deloitte Foundation Department Chair of Accountancy. She currently teaches Corporate Sustainability Accounting & Reporting. Her research focuses on climate risk disclosures and assurance, and judgment and decision making. She received a B.B.A. (Accounting) from the University of Puerto Rico, an MBA from Penn State University, and a Ph.D. (Accounting) from the University of Texas at Austin. Her dissertation on accounting knowledge and opportunity costs was honored with the AAA/ABO Outstanding Dissertation Award.

Professor Vera-Muñoz has published in The Accounting Review, Contemporary Accounting Research, Review of Accounting Studies, Auditing: A Journal of Practice and Theory, Accounting Horizons, Accounting, Organizations and Society, and the Journal of Business Ethics, among others. She serves on the Editorial Board of Accountability in a Sustainable World Quarterly and has served on the editorial boards of the Journal of International Accounting Research, Auditing: A Journal of Practice and Theory, The Accounting Review, and Contemporary Accounting Research, among others. She has been invited to present at numerous national and international research conferences. Her 2014 article in The Accounting Review on carbon emissions and carbon disclosures has been cited over 2,000 times. In 2025, Professor Vera-Muñoz served as a Notre Dame delegate to COP 30, the United Nations Climate Summit, in Belem, Brazil. In 2023, she chaired the AAA/AACSB/RRBM Award for Research Impacting Societal Challenges Committee and serves on the AAA's Research & Publications Committee. She has also served on the AAA's Grant Thornton Doctoral Dissertation Award Committee, the New Faculty Consortium Planning Committee, and as a faculty liaison with KPMG.

At Notre Dame, Professor Vera-Muñoz serves on the Academic Council and has served on the Care for our Common Home Theme Advisory Committee, the Department Chairs Advisory Group to the Provost, and the Ryan Ethics Chair Search Committee.

Professor Vera-Muñoz is the recipient of the 2022 Rev. Edmund P. Joyce, C.S.C., Award for Excellence in Undergraduate Teaching and the 2022 Mendoza Mission Research Award. For her spirit of service and academic accomplishments, Professor Vera-Muñoz was named to the 2021 Notre Dame All-Faculty Team.

Background

Education

BBA, University of Puerto Rico
MBA, Penn State University
C.P.A., State of Texas
Ph D, University of Texas at Austin

Jobs

Deloitte Foundation Accountancy Department Chair, Mendoza College of Business, University of Notre Dame

Expertise

Corporate environmental disclosures
Assurance on sustainability disclosures
Judgment and decision making

Editorial Boards

Ad Hoc Reviewer, Accounting Horizons (2026)
Ad Hoc Reviewer, Advances in Accounting Behavioral Research (2026)
Ad Hoc Reviewer, Advances in Accounting Education (2026)
Ad Hoc Reviewer, Decision Sciences Journal (2026)
Ad Hoc Reviewer, Issues in Accounting Education (2026)
Ad Hoc Reviewer, Journal of Management Accounting Research (2026)
Ad Hoc Reviewer, Journal of Accounting, Auditing & Finance (2025)
Editorial Board Member, Accountability in a Sustainable World Quarterly (2022)
Ad Hoc Reviewer, Contemporary Accounting Research Conference (2005)
Ad Hoc Reviewer, The Accounting Review (1994)
Associate Editor, Journal of International Accounting Research (2017 - 2017)
Editorial Board Member, Auditing: A Journal of Practice & Theory (2014 - 2014)
Ad Hoc Reviewer, Management Accounting Reseach Conference (2017 - 2017)
Editorial Board Member, Behavioral Research in Accounting (2013 - 2013)
Editorial Board Member, Advances in Accounting (2006 - 2006)
Editorial Board Member, Journal of International Accounting Research (2011 - 2011)
Editorial Board Member, Contemporary Accounting Research (2010 - 2010)
Editorial Board Member, The Accounting Review (2002 - 2002)
Ad Hoc Reviewer, AAA/Taiwan Accounting Association Globalization Conference (1999 - 1999)

Publications

CSR disclosures in buyer-seller markets: Research design issues, greenwashing and regulatory implications, and directions for future research

Sandra Vera-Munoz

Accounting, Organizations and Society

2023

Climate-risk materiality and firm risk

Ella Mae Matsumura
Rachna Prakash
Sandra Vera-Munoz

Review of Accounting Studies

2024

Communicating Assurance Using Practitioner-Customized Procedures: An Experiment and Emerging Research Opportunities

Sandra Vera-Munoz
Lisa Gaynor
William Kinney, Jr.

Auditing: A Journal of Practice and Theory

2020

Commentary on "The effect of an audit judgment rule on audit committee members' professional skepticism: The case of accounting estimates (Kang, Trotman, and Trotman)

Sandra Vera-Munoz

Accounting, Organizations & Society

2015

Firm-value effects of carbon emissions and carbon disclosures

Ella Matsumura
Rachna Prakash
Sandra Vera-Munoz

The Accounting Review

2, March

2014

View All Publications

Presentations

Mendoza's Climate Research Landscape: An Overview, Bridging Worlds: Cultivating Research Partnerships for Climate Hope (2025)
U.S. States' Financial Vulnerability to Extreme Weather Disasters: The Role of States' Support for Climate Action, 2nd Annual Contemporary Issues in Sustainability Reporting Symposium (2025)
Corporate Sustainability Information and Investors' Judgments: The Role of Social Value Orientation, Current Issues in Sustainability: Human Capital, AI, Disclosure Quality (2025)
Can Accountants Save the Planet?, Ethics Week 2025 (2025)
Discussion of, "Shareholder value implications of supply chain ESG: Evidence from negative incidents," by Lin, She, Yoon, and Zhu, 2024 Review of Accounting Studies Conference (2024)
Corporate Sustainability Information and Investors' Judgments: The Role of Social Value Orientation, Egyptian Online Seminars in Business, Accounting, and Economics (2024)
"Incorporating Sustainability/ESG in the Accounting Curriculum", Indiana CPA Society Educators Conference (2023)
Sustainability Accounting and Reporting & Impact Investing, 2023 AAA Sustainability, ESG, and Accounting: Implications for the Academy and the Profession (2023)
Sustainability Accounting Disclosures Research, Deloitte Scholars Colloquium (2023)
ESG Accounting Research , Academic Research in Accounting I (ACCT 40839) (2022)
"CSR Disclosures in Buyer-Seller Markets: The Impact of Assurance of CSR Disclosures and Incentives for CSR Investments" (De Meyst, Cardinaels, and Van den Abbeele), 2022 Accounting, Organizations and Society Conference (2022)
ESG and Externalities, Sustainability: Principles and Practices (SUS 20010) (2022)
Innovating the Curriculum Beyond Traditional Accounting, 2022 AAA Annual Meeting (2022)
Why is Claiming our Stake in ESG Accounting Research and Education of Paramount Importance?, The 12th Biennial SDA Business Teachers Conference, Andrews University (2022)
Sustainability in Accounting – Researching and Teaching Environmental, Social, and Governance (ESG), 2022 AAA/International Accounting Section Midyear Meeting (2022)
Why Academic Research on Sustainability is of Paramount Importance, 2021 CARE Conference - Accounting for Sustainability and Responsible Investing (2021)
Appreciable Assets: Business and Academic Partnerships Around Technoogy and Talent, Panel sponsored by The Thomson Reuters Institute (2021)
Communicating Assurance Using Practitioner-Customized Procedures: An Experiment, Deloitte Scholars Colloquium (2021)
Climate Risk Materiality and Firm Risk, SASB Alliance: Academic Series (2021)
Discussion of "Science-Based Carbon Emissions Targets", 20th Strategy & Business Environment Conference/University of Texas at Austin (2020)
"Figuring out your new leadership role - Fresh on the Job", Accounting Programs Leadership Group/FSA Annual Joint Meeting (2020)
Managing Your Academic Career, 2019 Journal of International Accounting Research Doctoral Consortium (2019)
Can customized procedure descriptions communicate information credibility? Conflicting nonfinancial assurance standards , 29th Audit & Assurance Conference, Aston University, Birmingham, United Kingdom (2019)
Capital Market Expectations of Risk Materiality and the Credibility of Managers' Risk Disclosure Decisions, Telfer Annual Accounting and Finance Conference, University of Ottawa (2019)
Strategic Cost Management / Undergraduate Accountancy Curriculum, 2019 JPW Academic Reception Breakout Session (2019)
Can customized procedure descriptions communicate information credibility? Conflicting nonfinancial assurance standards, Invited guest speaker, Academic Research in Accounting I (ACCT 40830) (2018)
To Disclose or Not to Disclose Climate-Change Risk in Form 10-K: Does Materiality Lie in the Eyes of the Beholder?, The Sixth International Conference of the Journal of International Accounting Research (JIAR) (2018)
To disclose or not to disclose climate-change risk in Form 10-K: Does materiality lie in the eyes of the beholder?, 2017 Midwest Region Meeting (2017)
"Why 100% renewable energy on college campuses?", University of Notre Dame (2017)
Discussion of "Audit team attributes matter: How diversity affects audit quality," by Cameran, Ditillo, and Pettinicchio, 2017 AAA/Management Accounting Section Research Conference (2017)
Users' versus preparers' materiality judgments: Risk relevance of climate change disclosures in Form 10-K, Lynn Pippenger School of Accountancy Fall Research Workshop, University of South Florida (2016)
Users' versus preparers' materiality judgments: Risk relevance of climate change disclosures in Form 10-K, 2016 Auditing Research Conference, University of Texas at Austin, McCombs School of Business (2016)
Demand for corporate disclosures on non-financial sustainability information, Faculty seminar on non-financial reporting (2015)
Do Audit Firms’ Procedure Descriptions Communicate Service Quality Level? An Experiment Applying New IAASB Assurance Standards, Wisconsin School of Business, University of Wisconsin - Madison (2014)
Do Procedures (and Words) Matter When Communicating Assurance? An Experiment Applying New IAASB Standards, International Symposium on Audit Research (ISAR) 2014 (2014)
Diversifying your research agenda, 2013 AAA/Diversity Section Meeting (2013)
Voluntary disclosures and the firm-value effects of carbon emissions, 2012 Production and Operations Management Society (POMS) Annual Meeting (2012)
Voluntary disclosures and the firm-value effects of carbon emissions, University of Southern California (2012)
Voluntary disclosures and the firm-value effects of carbon emissions, University of Texas--El Paso (2011)
Voluntary disclosures and the firm-value effects of carbon emissions, University of Virginia (2011)
Voluntary disclosures and the firm-value effects of carbon emissions, Rochester Institute of Technology (2011)
Voluntary disclosures and the firm-value effects of carbon emissions, Colorado State University (2011)
Voluntary disclosures and the firm-value effects of carbon emissions, American Accounting Association Annual Meeting (2011)
Voluntary disclosures and the firm-value effects of carbon emissions, Tel-Aviv University (2011)
Voluntary disclosures and the firm-value effects of carbon emissions, University of Washington (2011)
Carbon Emissions and Firm Value, 2011 Financial Accounting and Reporting Section Conference (2011)
Carbon Emissions and Firm Value, 2011 Management Accounting Section Research and Case Conference (2011)
Invited discussant for ""Cost goals and information timing: How they interact to affect cost reduction in a product design environment," by Gopalakrishnan, Samuels, and Swenson, Contemporary Accounting Research Conference (2009)
Discussion of, "Effects of performance measure categorization, performance context and intervention on performance evaluation judgments", American Accounting Association Annual Meeting (2008)
The performance consequences of the fit between environment and management control systems: Evidence from publicly-listed Chinese firms, AAA 2008 Management Accounting Research Conference (2008)
"Individual and joint effects of balanced scorecard incentive contracts and business lifecycle stage on managerial effort and performance", AAA Annual Meeting (2006)
"Accountants' usage of causal relationships: Experimental evidence on decision performance effects of problem similarity and comparison", Accounting Research Workshop (2006)
"Cost Accounting: Uncertainty and Judgment", Department of Accountancy's Advisory Board Spring Meeting (2006)
"Accountants' usage of causal relationships: Experimental evidence on decision performance effects of problem similarity and comparison", Accounting Research Workshop (2006)
"Accountants' usage of causal relationships: Experimental evidence on the decision performance effects of problem similarity and comparison", 2006 Management Accounting Research Conference (2006)
Knowing vs. applying accounting causal relationships: Experimental evidence on the decision performance effects of problem similarity and comparison, AAA Annual Meeting (2005)
Corporate governance reforms: Redefined expectations of audit committee responsibilities and effectiveness, 2nd Annual Ethical Dimensions in Business Conference (2004)
"Enhancing accounting recommendation quality: The joint effect of problem similarity and comparison" , Accounting, Behavior, and Organizations Research Conference (2004)
"Enhancing accounting recommendation quality: The joint effect of problem similarity and comparison" , Accounting Research Workshop Series (2004)
Can Accountants Interpret Causal Information?, Auditing Midyear Research Conference (2004)

Awards

Spotlight on National Hispanic Heritage Month (2024), American Accounting Association (2024)
James Dincolo Outstanding Teaching Award, Department of Accountancy (2024)
2024 Women Lead Honoree, University of Notre Dame (2024)
EY Faculty Fellow, Department of Accountancy, Mendoza College of Business, University of Notre Dame (2022)
Kaneb Center Faculty Fellow, Kaneb Center, University of Notre Dame, Notre Dame, IN (2022)
Rev. Edmund P. Joyce, C.S.C. Award for Excellence in Undergraduate Teaching, Office of the Provost - University of Notre Dame (2022)
Mendoza Research Mission Award, Mendoza College of Business - Dean's Office (2022)
2021 All-Faculty Team Inductee, Office of the Provost - University of Notre Dame (2021)
Faculty Fellow ND Deloitte Center for Ethical Leadership, Notre Dame Deloitte Center for Ethical Leadership (2021)
Honorary Inductee, Beta Alpha Psi, Department of Accountancy, Mendoza College of Business, University of Notre Dame (2012)
Honored by Notre Dame Provost Dr. Tom Burish at Notre Dame vs. Navy Football Game, Notre Dame Provost, Dr. Tom Burish (2011)
Invited scholar, 1st Annual Field Research in Accounting & Auditing: A North-American Focused Workshop, Queen's School of Business, Kingston, Ontario, Canada (2005)

Grants

Deconstructing users' confidence: Full audits, analytical procedures and inquiries, and selected substantive tests, AICPA's Assurance Research Advisory Group (ARAG), $2,950
Grant to attend the United Nations Conference of the Parties (COP) 30 in Belem, Brazil, Notre Dame Deloitte Center for Ethical Leadership, $1,200
The Adoption of Western Management Control Systems by Chinese State-Owned Enterprises: Investigating the Determinants of 'Fit', China's Research Grant Council, $331,000

Media

Laurent Belsie, writer at The Christian Science Monitor, Belsie, Laurent, “A Tale of two companies: Can Boeing, Cruise rebuild customer confidence?,” The Christian Science Monitor, February 6, 2024. https://www.csmonitor.com/Business/2024/0206/A-tale-of-two-companies-Can-Boeing-Cruise-rebuild-customer-confidence (2024)
UBS Financial Services Inc. , Cites Matsumura, Prakash, and Vera-Munoz (2014), Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review (Vol. 89/2) (2012)
American Accounting Association's Newsroom, Features Matsumura, Prakash, and Vera-Munoz (2014), Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review (Vol. 89/2), in "Wall St. exacts stiff penalties for carbon emissions - and failure to disclose them." (2014)
Purcell, J. A. , Cites Matsumura, Prakash, and Vera-Munoz (2014), Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review (Vol. 89/2). See: file:///N:/Private/Research/ENV_DISCLOSURES/Business%20press/climate-change-risk-disclosure-transcript_CPA%20Australia-2016.pdf (2016)
GreenBiz.com, Features Matsumura, Prakash, and Vera-Munoz (2014), Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review (Vol. 89/2). See: Matsumura, Prakash, and Vera-Munoz (2014), Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review (Vol. 89/2) (2011)
Environmental Leader, Features Matsumura, Prakash, and Vera-Munoz (2014), Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review (Vol. 89/2). See: Matsumura, Prakash, and Vera-Munoz (2014), Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review (Vol. 89/2). See: https://www.environmentalleader.com/2011/04/high-carbon-emitters-are-valued-lower/ (2011)
The Finance & Accounting Show Business Podcast (with Terrell Turner, CPA), The Finance & Accounting Show Business Podcast - Interview with Terrell Turner, CPA, "What is happening regarding ESG?" (2022)
Brett Beasley, Mendoza Business Magazine (2022)
Notre Dame Deloitte Center for Ethical Leadership, "A crystal-clear opportunity: Transparency improves business and sets your firm apart:

Details here: https://ethicalleadership.nd.edu/news/a-crystal-clear-opportunity-how-transparency-improves-business-and-can-set-your-firm-apart/ (2023)
Notre Dame Deloitte Center for Ethical Leadership, "Navigating new SEC climate disclosure rules - Insights from Accountancy professor Sandra Vera-Munoz"

https://ethicalleadership.nd.edu/news/navigating-new-climate-disclosure-rules-from-the-sec-a-discussion-with-accountancy-professor-sandra-vera-munoz/ (2024)
Notre Dame Global, Link to the article: https://global.nd.edu/news-stories/news/notre-dame-faculty-members-bring-lessons-from-cop30-back-to-their-classrooms-and-research/ (2026)
Securities and Exchange Commission, Accounting research by the Sandra Vera-Muñoz and her co-authors, Ella Mae Matsumura (University of Wisconsin – Madison) and Rachna Prakash (University of Mississippi) has been tapped by the Securities and Exchange Commission to craft a proposed new rule on climate risk disclosures.

Background
The Securities and Exchange Commission’s March 2022 proposed Climate Risk disclosure rule, https://www.sec.gov/rules/proposed/2022/33-11042.pdf, cites research by Matsumura, Prakash, and Vera-Muñoz, who investigate whether equity markets reward or penalize firms that disclose climate risk in their 10-K filings. Their paper, “Climate Risk Materiality and Firm Risk,” published in the Review of Accounting Studies, finds that disclosing firms’ cost of equity is lower than nondisclosing firms’. This difference in cost of equity is even larger for firms in industries where the market expects climate risk to be material but the firms do not disclose the risk in their 10-K. (2022)