Mr. King's small consulting firm specializes in providing internal control advice to his clients. All of his staff are certified internal auditors (CIAs) and want to gain expertise in a variety of industries. Jonas, his most senior consultant, always brings a less-seasoned associate with him for efficiency, training, and general camaraderie. Jonas first assesses a situation in about 4 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 $580/hour, while the associate's billing rate is half that amount. (a). Mr. King believes Jonas operates on a 90% learning curve for the "assessment" portion of his work, while 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. King expect each of them to spend on their fourth such assessment of a client's internal controls? (Round answers to 2 decimal places, e.g. 15.25.) Time spent on the fourth assessment Jonas hours Jonas' associate hours

Practical Management Science
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Mr. King's small consulting firm specializes in providing internal control advice to his clients. All of his staff are certified internal
auditors (CIAs) and want to gain expertise in a variety of industries. Jonas, his most senior consultant, always brings a less-seasoned
associate with him for efficiency, training, and general camaraderie. Jonas first assesses a situation in about 4 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 $580/hour, while the
associate's billing rate is half that amount.
(a).
Mr. King believes Jonas operates on a 90% learning curve for the "assessment" portion of his work, while 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. King expect each of them to spend on their fourth such
assessment of a client's internal controls? (Round answers to 2 decimal places, e.g. 15.25.)
Time spent on the fourth assessment
Jonas
hours
Jonas' associate
hours
Transcribed Image Text:Mr. King's small consulting firm specializes in providing internal control advice to his clients. All of his staff are certified internal auditors (CIAs) and want to gain expertise in a variety of industries. Jonas, his most senior consultant, always brings a less-seasoned associate with him for efficiency, training, and general camaraderie. Jonas first assesses a situation in about 4 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 $580/hour, while the associate's billing rate is half that amount. (a). Mr. King believes Jonas operates on a 90% learning curve for the "assessment" portion of his work, while 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. King expect each of them to spend on their fourth such assessment of a client's internal controls? (Round answers to 2 decimal places, e.g. 15.25.) Time spent on the fourth assessment Jonas hours Jonas' associate hours
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