Solved: Process to review certain types of account audits, Accounting Basics

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Process to review certain types of account audits

Question: An accounting firm is trying to understand the capability of its process to review certain types of account audits. They know that on average it takes 10 hours to complete one of these audits, but due to variation, they promise the customer that it will be done in 15 hours. If the standard deviation of this audit process is 2.5 hours (and normality is assumed)

Q1) What is the capability of this process?

Q2) What is the percentage of audits that will take longer than 15 hours?

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