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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q16-Q21):

NEW QUESTION # 16
Examples of preventive controls include each of the following EXCEPT:

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

Answer: D

Explanation:
TheInternal Controlstopic in the APS Certification Program distinguishes between preventive and detective controls. Preventive controls are proactive measures designed to stop errors or fraud before they occur, such as approved vendor lists, P-card limits, and T&E guidelines.Account reconciliation, however, is a detective control, as it identifies errors or discrepancies after transactions have occurred.
* Option A (Use of approved vendor lists): Approved vendor lists prevent unauthorized payments by ensuring only validated vendors are paid. This is a preventive control.
* Option B (Dollar limits on use of P-card): Dollar limits restrict P-card spending, preventing unauthorized or excessive purchases. This is a preventive control.
* Option C (T&E expenditure guidelines): T&E guidelines set rules for allowable expenses, preventing non-compliant spending. This is a preventive control.
* Option D (Account reconciliation): Reconciliation involves reviewing accounts to detect errors or fraud after transactions are recorded. This is a detective control, not preventive. Correct answer.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlsdefines preventive controls as "measures like approved vendor lists, P-card limits, and T&E policies that prevent errors or fraud." It contrasts these with detective controls, stating, "Account reconciliation is a detective control that identifies discrepancies post-transaction." The training video reinforces this by listing preventive controls in AP and citing reconciliation as a detective measure.

NEW QUESTION # 17
All of the following are examples of key performance indicators (KPIs) EXCEPT:

A. Cost per invoice
B. Positive pay
C. Lost discounts
D. Invoices paid on time

Answer: B

Explanation:
TheInternal Controlstopic in the APS Certification Program includes understanding key performance indicators (KPIs) to measure AP department performance. KPIs are metrics that track efficiency, accuracy, and cost-effectiveness, such as invoices paid on time, cost per invoice, and lost discounts.Positive pay, however, is a fraud prevention tool, not a performance metric.
* Option A (Invoices paid on time): This is a KPI, measuring the percentage of invoices paid by their due date, reflecting AP efficiency and vendor relationship management.
* Option B (Positive pay): Positive pay is a banking service that matches issued checks against presented checks to prevent fraud. It is a control mechanism, not a KPI, as it does not measure performance. This is the correct answer.
* Option C (Cost per invoice): This is a KPI, calculating the average cost to process an invoice, used to assess operational efficiency.
* Option D (Lost discounts): This is a KPI, tracking missed early payment discounts, which indicates opportunities for cost savings.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlslists common AP KPIs, including "percentage of invoices paid on time, cost per invoice, and lost early payment discounts," as metrics to evaluate performance. It describes positive pay as "a fraud prevention tool under internal controls, not a performance indicator." The training video reinforces this by discussing KPIs for benchmarking and positive pay as a separate control mechanism.

NEW QUESTION # 18
When auditing expense reports, one thing to pay particular attention to is:

A. Restaurant receipts that include client names
B. Highly itemized receipt details
C. Airfare expenses in combination with hotel costs
D. Amounts just below the approval threshold

Answer: D

Explanation:
When auditing T&E expense reports, a key red flag isamounts just below the approval threshold, as employees may intentionally submit expenses slightly under the limit to avoid additional scrutiny or approval, potentially masking fraudulent or non-compliant claims. This practice, known as "threshold manipulation," requires close attention during audits.
The web source from Tipalti states: "During T&E audits, pay particular attention to expenses just below the approval threshold, as employees may manipulate amounts to bypass additional review, indicating potential fraud." This directly supports Option C. The other options are less critical:
* Restaurant receipts with client names (A)may be useful for substantiation but are not a primary audit concern.
* Highly itemized receipt details (B)are desirable for clarity, not a red flag.
* Airfare with hotel costs (D)is a common combination and not inherently suspicious.
The IOFM APS Certification Program covers "Travel and Entertainment (T&E)," including auditing techniques for expense reports. The curriculum's focus on "peer-tested best practices" aligns with scrutinizing amounts just below approval thresholds to detect potential fraud.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Travel and Entertainment (T&E) Tipalti: "During T&E audits, pay particular attention to expenses just below the approval threshold"

NEW QUESTION # 19
Which of the following describes the possible consequences for anyone engaging in misconduct relating to the Sarbanes-Oxley Act?

A. Industry blacklisting
B. Corporate dissolution
C. Community service
D. Criminal penalties

Answer: D

Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program includes understanding the Sarbanes-Oxley Act (SOX), enacted in 2002 to enhance corporate governance and financial reporting accuracy. SOX imposes strict requirements on public companies and holds individuals (e.g., executives, accountants) accountable for misconduct, such as falsifying financial records or obstructing audits. Violations can result incriminal penalties, including fines and imprisonment, depending on the severity of the misconduct.
* Option A (Corporate dissolution): While SOX violations can lead to significant financial and reputational damage, corporate dissolution (complete closure of the company) is not a direct legal consequence specified in the Act. This option is incorrect.
* Option B (Criminal penalties): SOX includes provisions for criminal penalties, such as fines up to $5 million and imprisonment up to 20 years for willful violations (e.g., falsifying records under Section
802). This is the correct answer.
* Option C (Industry blacklisting): There is no formal "industry blacklisting" mechanism in SOX.
While individuals may face reputational damage or debarment from certain roles, this is not a legal consequence. This option is incorrect.
* Option D (Community service): SOX does not prescribe community service as a penalty for misconduct. Penalties are financial or custodial (fines, imprisonment). This option is incorrect.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Complianceexplains that "the Sarbanes-Oxley Act imposes criminal penalties, including fines and imprisonment, for misconduct such as falsifying financial records or obstructing audits." Thetraining video discusses SOX's impact on AP, noting that internal controls must prevent fraudulent reporting to avoid penalties under sections like 906 (certification of financial reports) and 802 (document tampering).

NEW QUESTION # 20
The acronym "VAT" stands for:

A. Value assessed tax
B. Value added tax
C. Variable assessed tax
D. Variable added tax

Answer: B

Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers value-added tax (VAT), a consumption tax levied on the value added at each stage of production or distribution, common in many countries (e.g., EU, Canada). The acronymVATstands forValue Added Tax, a standard term in tax compliance.
* Option A (Value assessed tax): Incorrect. This is not a recognized term in tax regulations.
* Option B (Variable added tax): Incorrect. The term does not reflect the concept of value added at production stages.
* Option C (Variable assessed tax): Incorrect. This is not a standard tax term.
* Option D (Value added tax): Correct. VAT is universally known as Value Added Tax, as defined by tax authorities and IOFM materials.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancedefines VAT as "Value Added Tax, a tax on the value added at each stage of goods or services production." The training video explains, "VAT, or Value Added Tax, is a key compliance area for AP in international transactions, requiring accurate invoicing and reporting."

NEW QUESTION # 21
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