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IOFM APS Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Payments Management | - Payment methods and execution - Payment scheduling and optimization |
| Vendor Management | - Vendor onboarding and maintenance - Vendor compliance and performance |
| Internal Controls and Compliance | - Regulatory compliance in payables - Audit controls and documentation |
| Accounts Payable Fundamentals | - Roles and responsibilities in AP departments - AP processes and lifecycle |
| AP Automation and Technology | - Electronic invoicing and automation tools - ERP and AP system usage |
| Fraud Prevention and Risk Management | - Risk mitigation controls - Fraud detection in accounts payable |
| Reporting and Analytics | - Data analysis for payables optimization - AP reporting and KPI tracking |
| Invoice Processing and Workflow | - Approval workflows and exceptions handling - Invoice receipt, validation, and matching |
IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
1. What is an important reason an organization's tolerance level for discrepancies between a PO and an invoice should be kept confidential?
A) To avoid scrutiny by internal audit
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 prevent vendor fraud
2. Which of the following has significantly reduced the number of small dollar invoices to be processed?
A) Evaluated receipt settlement
B) Petty cash
C) Electronic data interchange
D) Payment cards
3. Each of the following is a goal of a vendor management program, EXCEPT:
A) Collecting spend information for procurement
B) Reducing duplicate payments
C) Compliance with laws and regulations
D) Streamlining sales and use tax process
4. 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) 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)
D) 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)
5. Which AP function is typically NOT considered a good candidate for business process outsourcing (BPO)?
A) Performance monitoring
B) Utility payments
C) Check printing
D) Invoice imaging
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: D | Question # 3 Answer: D | Question # 4 Answer: C | Question # 5 Answer: A |
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