IOFM APS Exam : Accredited Payables Specialist (APS) Certification Exam

IOFM APS exam
  • Exam Code: APS
  • Exam Name: Accredited Payables Specialist (APS) Certification Exam
  • Updated: Oct 07, 2026
  • Q & A: 102 Questions and Answers
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IOFM APS Exam Syllabus Topics:

SectionWeightObjectives
Internal Controls & Fraud Prevention10%- Fraud detection and mitigation
- Segregation of duties
- Audit readiness and documentation
Accounts Payable Fundamentals20%- Financial accounting basics for AP
- Regulatory compliance and ethics
- Role and responsibilities of AP department
Vendor Management15%- 1099 / tax reporting requirements
- Vendor setup and maintenance
- Vendor communication and resolution
Payments and Disbursements20%- Discounts, allowances and deductions
- Payment methods and processing
- Travel and expense management
Invoice Processing25%- Matching and reconciliation
- Invoice receipt and validation
- Handling exceptions and discrepancies
Process Improvement & Automation10%- Data analysis and reporting
- AP automation tools and technology
- Workflow optimization

IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

Question #1

Which AP function is typically NOT considered a good candidate for business process outsourcing (BPO)?

  • A. Invoice imaging
  • B. Check printing
  • C. Utility payments
  • D. Performance monitoring
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

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Question #2

What is one department that can particularly benefit from specific insights provided by the vendor master file?

  • A. Purchasing
  • B. Manufacturing
  • C. Audit
  • D. Mailroom
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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Question #3

Key elements essential for an effective vendor fraud prevention program include each of the following practices, EXCEPT:

  • A. Checking government sanction lists
  • B. Verifying that vendors are bonded
  • C. Confirmation of a physical address
  • D. Requiring a W-9
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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Question #4

In the U.S., what type of information is HIPAA designed to protect?

  • A. Corporate whistleblower identities
  • B. External auditor findings
  • C. Electronic banking information
  • D. Private medical records
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

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Question #5

Examples of preventive controls include each of the following EXCEPT:

  • A. T&E expenditure guidelines
  • B. Account reconciliation
  • C. Dollar limits on use of P-card
  • D. Use of approved vendor lists
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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