Understanding hot — and cold — sales metrics
The intersection of weather data with performance data enabled a more risk-based audit — and provided the client with fresh insights on best practices.
-
Scenario
-
Approach
- Result
While performing the audit, Grant Thornton found that a complex analysis of weather data combined with company performance data created an opportunity to deliver a more risk-based audit while also providing the client with a greater understanding of its own data with the potential for driving operational improvements.
Grant Thornton’s engagement team used advanced analytics and a regression analysis to predict gas sales for individual retail locations using independent weather data.
The audit team was able to focus more substantive testing on the retail locations whose revenue was higher than expected when considering the weather experienced in those locations.
This led to higher quality and a more risk-based audit approach. The analysis also provided significant insight to management.
The client used this information to further explore its operating procedures and identify best practices at the locations whose performance was better than expected considering the weather they experienced.
How we can help you
Connect with us
Janet L. Malzone
CEO, Grant Thornton LLP
Principal, Grant Thornton Advisors LLC
Janet Malzone is the CEO of Grant Thornton LLP and a principal at Grant Thornton Advisors LLC. She is also a member of the Executive Committee at Grant Thornton Advisors LLC.
Chicago, Illinois
Industries
- Manufacturing, Transportation & Distribution
- Transportation & distribution
- Technology, media & telecommunications
Service Experience
- Audit & Assurance
Robert Fox
National Managing Partner, Audit Innovative Growth Solutions and IT Audit
Grant Thornton LLP
Principal, Grant Thornton Advisors LLC
Bert Fox is the national managing partner Professional Standards.
Chicago, Illinois
Industries
- Construction & real estate
- Manufacturing, Transportation & Distribution
- Technology, media & telecommunications
- Transportation & distribution
- Retail & consumer brands
Service Experience
- Audit & Assurance
Brian Wolohan
Partner in Charge of Audit Innovation
Partner, Audit Services, Grant Thornton LLP
Principal, Grant Thornton Advisors LLC
Brian is a Partner in the National Professional Standards Group, where he leads the firm’s Audit Innovation group and works with the Audit Methodology to enhance the quality and efficiency of our audit execution by applying data analytics, automation and artificial intelligence.
Arlington, Virginia
Industries
- Manufacturing, Transportation & Distribution
- Technology, media & telecommunications
Service Experience
- Advisory
- Restructuring and turnaround
- Valuation
- Accounting advisory
Content disclaimer
This Grant Thornton LLP content provides information and comments on current issues and developments. It is not a comprehensive analysis of the subject matter covered. It is not, and should not be construed as, accounting, legal, tax, or professional advice provided by Grant Thornton LLP. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at conclusions that comply with matters addressed in this content.
For additional information on topics covered in this content, contact a Grant Thornton LLP professional.
Ready to talk? We’re ready to listen.
Request a meeting and a member of our team will be in touch to see what we can do to meet your needs.
Want to submit an RFP? Please submit your request through our RFP submission page.
Trending topics
No Results Found. Please search again using different keywords and/or filters.
Follow us
