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Whitepaper: The Audit World's Biggest Myths
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Whitepaper: The Audit World's Biggest Myths
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Partner

Craig Stetson

About
Affiliations and Publications
Expertise and Areas of Focus
Education

Craig is a dedicated leader and Government Contract Regulatory Compliance Specialist with a demonstrated history of working in the federal government procurement industry. 30+ years of direct experience assisting government contractors interpret and apply the myriad of accounting and regulatory compliance requirements associated with federal government contracts with expertise in all facets of federal government procurement requirements and proven history of delivering accurate and compliant results.

  • Project leadership roles with hands-on experience i) working with legal counsel to investigate and resolve qui tam allegations of government mischarging and supporting U.S. Department of Justice negotiations; ii) preparing and negotiating termination settlement proposals, claims and requests for equitable adjustment (REA); and iii) performing detailed cost impact analyses resulting from changed or noncompliant cost accounting practices.
  • Designated accounting and compliance focal working with outside and in-house counsel in support of an appeal of a termination for default in front of the Armed Services Board of Contract Appeals. Activities include i) leading a team to conduct internal forensics investigation procedures to determine applicable incurred costs over the life of the terminated contract; ii) summarization of results and presentation to counsels; and iii) liaison and interface with government attorneys, contracting officer and Board-assigned judge.
  • Significant experience i) working with and interpreting the requirements of the Federal Acquisition Regulation (FAR), Defense Federal Acquisition Regulation Supplement (DFARS) and Cost Accounting Standards (CAS); ii) designing and assessing cost allocation structures and cost accounting practices; iii) interpreting and auditing cost allowability in accordance with FAR Subpart 31.2 requirements; and iv) assessing business systems and internal control adequacy and effectiveness pursuant to pertinent DFARS procurement requirements.

Craig is a frequent speaker and writer on a wide variety of government contracting compliance matters, regulatory updates and current events. 

Prior to joining Capital Edge, Craig was a director at PricewaterhouseCoopers, Baker Tilly Virchow Krause, Navigant Consulting, and KPMG. He began his career as an auditor for the Defense Contract Audit Agency (DCAA).

Representative Matters:

  • Investigation, preparation and delivery assistance to a global U.S. government contractor with response to and resolution of a U.S. Department of Justice fraud investigation related to alleged overcharging, mischarging and cost accounting compliance matters.
  • Support to a global construction management contractor with resolution of Cost Accounting Standards noncompliance matters, including calculation of cost impacts and liaison with the government.
  • Litigation support under direction of legal counsel of large pharmaceutical and medical supplies provider to analyze sales transactions and business processes for compliance under GSA Schedule contract requirements, including calculation of potential price reductions due to most favored customer and sales discount practices.
  • Support to a large federal construction company regarding the preparation and submission of various proposals arising from the government’s suspension, then termination for convenience of border wall contracts.
  • Cost impact and valuation analyses related to an international defense contractor’s abandonment of inventory resulting from the collapse of the Afghan government.

 

Craig is a member of several professional organizations, including American Institute of Certified Public Accountants, California State Society of Certified Public Accountants, National Defense Industrial Association, Professional Services Council (PSC), Armed Forces Communications and Electronics Association, and National Contract Management Association.

Specific areas of government contract consulting expertise include:

  • Federal Acquisition Regulations (FAR)
  • Cost Accounting Standards (CAS)
  • Truth in Negotiations Act (TINA)
  • Defense Contract Audit Agency (DCAA) audit support and audit defense
  • Government Contracts Training (Accounting & Compliance related)
  • Incurred Cost Submissions
  • Accounting Systems
  • Purchasing Systems
  • Estimating Systems
  • Forward Pricing Rates
  • Cost Impact Statements
  • CAS Disclosure Statements
  • Termination for convenience settlements
  • Requests for equitable adjustments
  • Business system processes and related internal control

Craig received a Bachelor of Science degree in Accounting from Syracuse University and a Master of Business Administration degree from California State University – Long Beach. He is a Certified Public Accountant, licensed in California, and a Charted Global Management Accountant.

About Capital Edge Consulting

Capital Edge government contract consultants support Government Contractors and Federal Grant Recipients. Our consultants specialize in the regulatory compliance matters you need.

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Whitepaper: The Audit World's Biggest Myths
Download Now
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