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IOFM APS Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Fraud Prevention and Risk Management | - Fraud detection in accounts payable - Risk mitigation controls |
| Topic 2: Internal Controls and Compliance | - Regulatory compliance in payables - Audit controls and documentation |
| Topic 3: AP Automation and Technology | - Electronic invoicing and automation tools - ERP and AP system usage |
| Topic 4: Reporting and Analytics | - Data analysis for payables optimization - AP reporting and KPI tracking |
| Topic 5: Payments Management | - Payment methods and execution - Payment scheduling and optimization |
| Topic 6: Vendor Management | - Vendor compliance and performance - Vendor onboarding and maintenance |
| Topic 7: Accounts Payable Fundamentals | - AP processes and lifecycle - Roles and responsibilities in AP departments |
| Topic 8: Invoice Processing and Workflow | - Invoice receipt, validation, and matching - Approval workflows and exceptions handling |
IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
1. Which of the following is a part of a successful ERS (Evaluated Receipt Settlement) program?
A) Exclusion of early pay discounts
B) Billing of miscellaneous charges separately
C) Use of pro forma purchase orders
D) Receiving a complete invoice with the shipment
2. Filing for a VAT refund is difficult because: I. Invoices must include the name and address of the company filing for the refund; II. Only authorized agents may apply for the refunds; III. An original invoice must be submitted.
A) I and III only
B) II and III only
C) II only
D) I only
3. Key elements essential for an effective vendor fraud prevention program include each of the following practices, EXCEPT:
A) Requiring a W-9
B) Verifying that vendors are bonded
C) Confirmation of a physical address
D) Checking government sanction lists
4. In order to be SOX compliant, the T&E process in the U.S. must:
A) I and III only (Ensure correct and accurate recordkeeping; Include report generation with visibility at all required levels)
B) I and II only (Ensure correct and accurate recordkeeping; Provide a reliable approval workflow)
C) I only (Ensure correct and accurate recordkeeping)
D) II only (Provide a reliable approval workflow)
5. Which of the following are incentives for automating accounts payable?
A) I and II only (Reduced costs of handling paper; Better forecasting)
B) I and III only (Reduced costs of handling paper; Eliminating the need for audits)
C) II and III only (Better forecasting; Eliminating the need for audits)
D) I, II, and III (Reduced costs of handling paper; Better forecasting; Eliminating the need for audits)
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: A | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: A |
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