The Vitalics Story
The concept of Vitalics came to fruition in 2011 and was created by Certified Fraud Examiner Julie Aydlott. Upon seeing a negative trend for small businesses that consistently evidenced how fraud prevention and controls were at their weakest, and that small businesses ranked highest in occupational fraud and abuse, she realized that there was a dire need to help the smaller organizations. After completing internal control audits, Aydlott questioned why the standard internal audit report only identified an organization’s weakness, yet did not provide the tools or steps on how to correct those weaknesses. This clearly was not sufficient in solving the underlying problem. Many smaller organizations don’t have the budget or resources to implement an internal control program, let alone additional staff to segregate job duties – which was the number one suggestion to small businesses. The internal control programs available on the market were too complex or specifically designed for public companies that needed to be SOX compliant. There wasn’t anything on the market that would be easy for a smaller business to use without throwing their hands up and returning to their no-controls procedures.
After completing an internal control audit for one specific client, Aydlott designed an internal control system containing control forms, reports, and templates that were easy to use, follow, and implement. The controls specifically helped small business owners, managers, and partners with the checks and balances on what to look for when reviewing their financial reports. It contained a roadmap of checklists, just in case something was forgotten, and helped identify areas of weakness without requiring a masters in finance or accounting. Over the next year, Aydlott decided that this program should not just be available to clients who request an internal control review or audit, but to organizations who could easily download the program and start implementing their own internal control system. At that time, Aydlott began redeveloping her program into a retail market option and decided on the name Vitalics – which stands for Vital Internal Control System.
The Vitalics Internal Control System has been helping smaller organizations, businesses, and non-profits set up and maintain a control system specifically for their size of organization since 2011. Recently, Aydlott was the featured CFE in the May/June 2022 edition of Fraud-Magazine and was recognized in creating Vitalics as a solution for smaller organizations to help lower their fraud risks. Throughout the past 12 years, Vitalics has been updated with important details, including more forms and checklists, and will continue to make updates as technology in accounting software and reporting changes with the times.