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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: Accounts Payable Fundamentals | - AP processes and lifecycle - Roles and responsibilities in AP departments |
| Topic 3: Vendor Management | - Vendor compliance and performance - Vendor onboarding and maintenance |
| Topic 4: Reporting and Analytics | - Data analysis for payables optimization - AP reporting and KPI tracking |
| Topic 5: Invoice Processing and Workflow | - Approval workflows and exceptions handling - Invoice receipt, validation, and matching |
| Topic 6: AP Automation and Technology | - ERP and AP system usage - Electronic invoicing and automation tools |
| Topic 7: Payments Management | - Payment methods and execution - Payment scheduling and optimization |
| Topic 8: Internal Controls and Compliance | - Regulatory compliance in payables - Audit controls and documentation |
IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
1. Which of the following is necessary to prepare a 1099?
A) A PTIN for all reportable vendors
B) A TIN for all reportable vendors
C) A W-4 for all reportable vendors
D) A W-2 for all reportable vendors
2. Which AP function is typically NOT considered a good candidate for business process outsourcing (BPO)?
A) Utility payments
B) Invoice imaging
C) Check printing
D) Performance monitoring
3. Each of the following is one of the most common types of fraudulent expense reimbursement schemes, EXCEPT:
A) Personal expenses reported as business-related
B) Forged or modified travel receipts
C) Lapping schemes for transportation cost
D) Multiple reimbursements for the same expense
4. What is a "direct spend" invoice for?
A) Material
B) Repairs
C) Supplies
D) Inventory
5. To establish a successful shared services center, each of the following is required EXCEPT:
A) Performance metrics
B) A customer service orientation
C) A greenfield site
D) A change in mindset
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: C |
