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IOFM APS Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Internal Controls & Fraud Prevention | 10% | - Fraud detection and mitigation - Audit readiness and documentation - Segregation of duties |
| Topic 2: Accounts Payable Fundamentals | 20% | - Financial accounting basics for AP - Regulatory compliance and ethics - Role and responsibilities of AP department |
| Topic 3: Vendor Management | 15% | - 1099 / tax reporting requirements - Vendor communication and resolution - Vendor setup and maintenance |
| Topic 4: Payments and Disbursements | 20% | - Payment methods and processing - Travel and expense management - Discounts, allowances and deductions |
| Topic 5: Invoice Processing | 25% | - Matching and reconciliation - Handling exceptions and discrepancies - Invoice receipt and validation |
| Topic 6: Process Improvement & Automation | 10% | - Data analysis and reporting - AP automation tools and technology - Workflow optimization |
IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
1. Evaluated Receipt Settlement (ERS) payments are made based on the quantity reflected on which of the following?
A) Purchase Order
B) Receiving Documents
C) Supplier Invoice
D) Advanced Shipping Notice
2. An organization's mission statement is intended to provide which of the following?
A) Policies and procedures
B) Ethics and compliance standards
C) Metrics and benchmarking information
D) Methodology and direction
3. Key elements essential for an effective vendor fraud prevention program include each of the following practices, EXCEPT:
A) Verifying that vendors are bonded
B) Checking government sanction lists
C) Requiring a W-9
D) Confirmation of a physical address
4. Which of the following AP department procedures would reduce the number of vendor calls to the AP department?
A) I and III only (Provide access to a supplier portal, Including as much information as possible on the remittance advice)
B) I and II only (Provide access to a supplier portal, Assigning specific individuals to interact with specific vendors)
C) I, II, and III (Provide access to a supplier portal, Assigning specific individuals to interact with specific vendors, Including as much information as possible on the remittance advice)
D) II and III only (Assigning specific individuals to interact with specific vendors, Including as much information as possible on the remittance advice)
5. What is an important reason an organization's tolerance level for discrepancies between a PO and an invoice should be kept confidential?
A) To prevent vendor fraud
B) To allow overages to be deposited into a secure fund for executive use
C) To keep procurement alert to not making mistakes
D) To avoid scrutiny by internal audit
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: D | Question # 3 Answer: A | Question # 4 Answer: A | Question # 5 Answer: A |


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