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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:
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
Correct Answer: D 🗳️
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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
Correct Answer: A 🗳️
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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
Correct Answer: C 🗳️
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What does the acronym 'ASP' stand for?
- A. Application service provider
- B. Automated secure processing
- C. Accounting standards protocol
- D. Accrual statement period
Correct Answer: A 🗳️
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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
Correct Answer: D 🗳️
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