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IOFM APS Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Internal Controls & Fraud Prevention | 10% | - Audit readiness and documentation - Fraud detection and mitigation - Segregation of duties |
| Topic 2: Vendor Management | 15% | - Vendor setup and maintenance - Vendor communication and resolution - 1099 / tax reporting requirements |
| Topic 3: Accounts Payable Fundamentals | 20% | - Regulatory compliance and ethics - Financial accounting basics for AP - Role and responsibilities of AP department |
| Topic 4: Process Improvement & Automation | 10% | - AP automation tools and technology - Workflow optimization - Data analysis and reporting |
| Topic 5: Payments and Disbursements | 20% | - Travel and expense management - Payment methods and processing - Discounts, allowances and deductions |
| Topic 6: Invoice Processing | 25% | - Invoice receipt and validation - Matching and reconciliation - Handling exceptions and discrepancies |
IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
Question 1
What is the current thinking on the practice of maintaining a petty cash fund?
A. Three separate individuals should sign off on disbursements
B. It's considered a best practice within service organizations and consulting businesses
C. It should be maintained by an executive in the treasury department
D. It's practically obsolete and should be eliminated, if possible
Question 2
Detective controls do which of the following? I. Establish segregation of duties; II. Look for errors and irregularities; III. Determine if preventive controls are effective.
A. II and III only
B. I and II only
C. I, II, and III
D. I and III only
Question 3
When checking the address of a new vendor, what is one potential red flag?
A. The vendor's warehouse and its accounts receivable address are different
B. The vendor is located in an unincorporated area
C. The vendor has the same address as one of the organization's own locations
D. The vendor does not appear to use a post office box
Question 4
What does the acronym 'ASP' stand for?
A. Application service provider
B. Automated secure processing
C. Accounting standards protocol
D. Accrual statement period
Question 5
Benefits of ACH include each of the following, EXCEPT:
A. ACH replaces having to issue paper checks
B. ACH speeds up payment processing time
C. ACH reduces the cost of invoice processing
D. ACH eliminates the need for vendor verification
Solutions:
| Question 1 Answer: D | Question 2 Answer: A | Question 3 Answer: C | Question 4 Answer: A | Question 5 Answer: D |
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