Creating Opportunities: Becoming a CFE Has Opened Doors for Foster

ACFE Member Profile 

Boyd Foster, CFE, CPA has always been amazed by the prevalence of fraud in business. Shortly after becoming a public accountant, Foster joined the ACFE with the desire to counsel clients on how fraud can be prevented.

"The human aspect of fraud is the most interesting to me," Foster said. "I'm particularly fascinated by the circumstances that cause individuals to perpetrate fraud and their rationalization for continuing them."

Foster's role as principal at accounting firm Sullivan & Company in Providence, R.I. gives him the opportunity to provide fraud prevention counseling and other services to the firm’s clients. "No two clients or situations are alike, so there is always something new to learn," he said.

Foster became a CPA in a roundabout way: "As an undergraduate student at Providence College studying economics and finance, I took one accounting course during the second semester of my junior year," he said. "I really enjoyed it, but I wasn't about to change majors that late in my college career.  However, it left a lasting impression."

Immediately after graduating, Foster took an entry-level job in Boston and was struck by the number of opportunities for accountants.  He took a managerial accounting course at a local university, and followed that up with accounting courses at Roger Williams University to "bridge the gap" between his bachelor's degree and the CPA exam education requirement. Foster also joined the ACFE, and became a Certified Fraud Examiner in 2005 – an accomplishment he said has been significant in his career.

“The CFE credential has created opportunities for me that wouldn’t have existed otherwise,” Foster said.  "I get frequent requests from colleagues whenever a suspicion of fraud arises. It has also created opportunities for referrals from former colleagues at other firms as well."

Foster has attended several ACFE events, including events hosted by the Rhode Island chapter – and he has also endeavored to share his knowledge as a CFE to other anti-fraud professionals. He recently had an article published in Fraud Magazine titled "A Few Key Controls Could Save Your Company Millions" that is based on a forensic audit he led that identified the sources involved in the largest private embezzlement in Massachusetts history.

At the same time, Foster knows he is still learning. "I hope to continue to broaden my experiences and knowledge base in order to provide the best service possible to our clients," he said.