Finance compliance workflow for Tallyfy

Pass SOX audits without the last-minute panic

SOX compliance testing is tedious but critical. This quarterly workflow covers control documentation review, testing schedule preparation, control testing execution, exception documentation, remediation tracking, management certification, and auditor coordination.

7 steps

3 automations

Import into Tallyfy Preview steps

Finance

Run this workflow in Tallyfy

Import this template into Tallyfy and assign to your compliance team with deadlines spread across the 2-4 week testing cycle for each of the 7 steps

Configure Tallyfy automations to flag overdue remediation items, route certifications to management for sign-off, and notify the BSA Officer when external auditor packages are ready

Track every control test in Tallyfy with documented findings, specific exception descriptions, and remediation status so nothing slips through before the audit deadline

Import this template into Tallyfy

Process steps

Review control documentation

1 day from previous step

task

Pull all control documentation from last quarter. You're looking for gaps - anything that's changed but hasn't been updated. If it's not written down, it didn't happen, and auditors will remind you of that. Check that process owners have signed off on their controls. Missing signatures are a red flag that'll come back to bite you.

Prepare testing schedule

1 day from previous step

task

Build your testing calendar. You've got a lot of controls to test and not much time. Prioritize the high-risk ones first - those are the ones auditors care about most. Assign testers to controls based on expertise. Don't let the new hire test revenue recognition controls.

Execute control testing

1 day from previous step

task

Run the actual tests. Document EVERYTHING. What you tested, how you tested it, what you found. Screenshots are your friend here. If a control fails, don't panic. Document the failure clearly and move on. You'll deal with it in the next step.

Document exceptions

1 day from previous step

task

Every control failure needs a clear exception report. What went wrong, why it matters, and who's responsible for fixing it. Be specific. Auditors hate vague descriptions. 'Control didn't work' is useless. 'Approval was missing from 3 of 25 invoices sampled' tells a story.

Track remediation

1 day from previous step

task

Every exception needs a remediation plan with a clear owner and deadline. No owner? No deadline? It won't get fixed. Follow up weekly. Things slip when nobody's watching. The auditors won't accept 'we're working on it' as an answer.

Get management certification

1 day from previous step

task

Management needs to sign off on control effectiveness. This isn't just paperwork - they're putting their name on it. Give them time to review. Surprising your CFO with a certification request the day before deadline is a great way to make enemies.

Coordinate with external auditors

1 day from previous step

task

Package everything for the external audit team. They'll want testing results, exception reports, and remediation status. Be proactive. Answer questions before they're asked. The smoother this goes, the cheaper your audit fees.