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ch. 3 q.5

Mr. Young's small consultine firm speciahites in providing internal control advice to his clients. All of his staff are certified internal auditors (CIAs) and want to gain oppertise in a variety of industries. Jonas, his most senior consultant, always brings a less-seasoned associate with him for etficiency, training. and general camaraderie. Jonas first assesses a situation in about B hours and then will brainstorm ideas the client could use to address its internal control risks. The less-seasoned associate follows Jonas, listens to the half. day assessment ritual, and then helps to brainstorm improvements for the client Jonas's labor rate is billed at $560/ hour, while the associate's balline rate is half that amount. (a) Mc. Young beleves Jonas operates on a 90x learning curve for the "assessment' portion of his work, white his associate operates on a 95% learning curve. Create a chart outlining the number of hours each of these individuals is likely to spend on the next assessment of a client's internal controls. How much time will Mr. Young expect each of them to spend on their fourth such assessment of a client's internal controls? (Round arnwers to 2 decimal ploces, es. 15.25)