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IOFM APS Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: AP Automation and Technology | - Electronic invoicing and automation tools - ERP and AP system usage |
| Topic 2: Invoice Processing and Workflow | - Approval workflows and exceptions handling - Invoice receipt, validation, and matching |
| Topic 3: Payments Management | - Payment methods and execution - Payment scheduling and optimization |
| Topic 4: Vendor Management | - Vendor compliance and performance - Vendor onboarding and maintenance |
| Topic 5: Fraud Prevention and Risk Management | - Fraud detection in accounts payable - Risk mitigation controls |
| Topic 6: Internal Controls and Compliance | - Regulatory compliance in payables - Audit controls and documentation |
| Topic 7: Accounts Payable Fundamentals | - Roles and responsibilities in AP departments - AP processes and lifecycle |
| Topic 8: Reporting and Analytics | - Data analysis for payables optimization - AP reporting and KPI tracking |
IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
1. Which of the following has significantly reduced the number of small dollar invoices to be processed?
A) Payment cards
B) Petty cash
C) Electronic data interchange
D) Evaluated receipt settlement
2. Where circumstances do not permit implementing ideal controls, an organization should put in place the next- best alternative, commonly referred to as:
A) Compensating controls
B) Secondary controls
C) Interim controls
D) Stop-gap controls
3. What is one benefit of entering a commodity code in a user-defined field when setting up a newvendor?
A) It indicates which team member created the new record
B) It prevents a duplicate vendor from being entered
C) It enables procurement to use the data for spend analysis
D) It automatically generates a price comparison to other similar vendors
4. Organizations most commonly use wire transfers for which of the following?
A) Low dollar bulk payments
B) Direct deposit of executive pay
C) High dollar payments
D) Rent or mortgage payments
5. What is one department that can particularly benefit from specific insights provided by the vendor master file?
A) Mailroom
B) Audit
C) Purchasing
D) Manufacturing
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: C | Question # 5 Answer: C |
