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IOFM APS Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Accounts Payable Fundamentals | - Roles and responsibilities in AP departments - AP processes and lifecycle |
| Topic 2: Invoice Processing and Workflow | - Approval workflows and exceptions handling - Invoice receipt, validation, and matching |
| Topic 3: AP Automation and Technology | - ERP and AP system usage - Electronic invoicing and automation tools |
| Topic 4: Reporting and Analytics | - Data analysis for payables optimization - AP reporting and KPI tracking |
| Topic 5: Vendor Management | - Vendor compliance and performance - Vendor onboarding and maintenance |
| Topic 6: Internal Controls and Compliance | - Regulatory compliance in payables - Audit controls and documentation |
| Topic 7: Payments Management | - Payment scheduling and optimization - Payment methods and execution |
| Topic 8: Fraud Prevention and Risk Management | - Risk mitigation controls - Fraud detection in accounts payable |
IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
Question 1
In the U.S., what type of information is HIPAA designed to protect?
A. Private medical records
B. External auditor findings
C. Electronic banking information
D. Corporate whistleblower identities
Question 2
All of the following are examples of key performance indicators (KPIs) EXCEPT:
A. Cost per invoice
B. Positive pay
C. Invoices paid on time
D. Lost discounts
Question 3
Examples of preventive controls include each of the following EXCEPT:
A. Use of approved vendor lists
B. Account reconciliation
C. Dollar limits on use of P-card
D. T&E expenditure guidelines
Question 4
Which of the following are incentives for automating accounts payable?
A. I and III only (Reduced costs of handling paper; Eliminating the need for audits)
B. II and III only (Better forecasting; Eliminating the need for audits)
C. I, II, and III (Reduced costs of handling paper; Better forecasting; Eliminating the need for audits)
D. I and II only (Reduced costs of handling paper; Better forecasting)
Question 5
Which of the following are reasons an employee should keep and submit T&E receipts, even if using a corporate travel card?
A. I, II, and III (There may be additional expenses for items paid out-of-pocket; Paper receipts are more easily handled and archived than electronic ones; The card information may not include the sufficient level of detail needed for approval)
B. I and II only (There may be additional expenses for items paid out-of-pocket; Paper receipts are more easily handled and archived than electronic ones)
C. II and III only (Paper receipts are more easily handled and archived than electronic ones; The card information may not include the sufficient level of detail needed for approval)
D. I and III only (There may be additional expenses for items paid out-of-pocket; The card information may not include the sufficient level of detail needed for approval)
Solutions:
| Question 1 Answer: A | Question 2 Answer: B | Question 3 Answer: B | Question 4 Answer: D | Question 5 Answer: D |


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