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COSO identifies each of the following elements as necessary for an effective control environment, EXCEPT:
A. Information is distributed in a timely way
B. Staff work in self-directed teams
C. People know their responsibilities and limits of authority
D. Internal controls are monitored and evaluated
Answer: B
Explanation:
TheInternal Controlstopic in the APS Certification Program details the COSO framework's Control Environment component, which establishes the foundation for effective internal controls. Key elements include clear roles and responsibilities, timely information distribution, and ongoing monitoring of controls.
However,staff working in self-directed teamsis not a COSO requirement, as the framework focuses on structure and accountability rather than specific team management styles.
* Option A (Internal controls are monitored and evaluated): This aligns with COSO's Monitoring Activities component but also supports the Control Environment by ensuring controls are enforced. It is a necessary element.
* Option B (Staff work in self-directed teams): COSO does not mandate self-directed teams. While teamwork may be beneficial, the Control Environment emphasizes defined roles and oversight, not specific team structures. This is the correct answer.
* Option C (Information is distributed in a timely way): This supports the Control Environment by ensuring employees have the information needed to perform their duties, aligning with COSO's Information and Communication component. It is a necessary element.
* Option D (People know their responsibilities and limits of authority): This is a core element of the Control Environment, ensuring clear accountability and authority structures. It is a necessary element.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlsexplains, "The COSO Control Environment requires clear responsibilities, timely information flow, and ongoing monitoring to establish effective controls." It lists elements like "defined roles and authority limits" and "effective communication" but does not mention self-directed teams as a requirement. The training video emphasizes COSO's focus on accountability and structure, noting that team configurations are organizational choices, not COSO mandates.
NEW QUESTION # 33
To date, the Streamlined Sales Tax Project has accomplished which of the following? I. Resolved the origin vs. destination question; II. Implemented a uniform exemption certificate; III. Created rate and boundary databases.
A. I only
B. I, II, and III
C. II only
D. II and III only
Answer: D
Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers the Streamlined Sales Tax Project (SSTP), initiated to simplify U.S. sales tax compliance across states. The SSTP has achieveda uniform exemption certificate(Item II) to standardize resale and other exemptions andrate and boundary databases(Item III) to provide accurate tax rates and jurisdictional boundaries. However, it has not fully resolved the origin vs. destination question(Item I), as sourcing rules (origin-based vs. destination-based taxation) remain state-specific.
* Item I (Resolved the origin vs. destination question): Not fully accomplished. The SSTP provides guidelines for sourcing, but states still choose between origin-based (tax based on seller's location) and destination-based (tax based on buyer's location) rules, creating variability.
* Item II (Implemented a uniform exemption certificate): Accomplished. The SSTP developed a uniform Streamlined Sales and Use Tax Exemption Certificate, accepted by member states to simplify compliance.
* Item III (Created rate and boundary databases): Accomplished. The SSTP provides centralized databases for tax rates and jurisdictional boundaries, aiding accurate tax calculations.
* Option A (I only): Incorrect, as Item I is not fully accomplished.
* Option B (I, II, and III): Incorrect, as Item I is not fully accomplished.
* Option C (II only): Incorrect, as Item III is also accomplished.
* Option D (II and III only): Correct, as Items II and III are key SSTP achievements.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"The Streamlined Sales Tax Project has implemented a uniform exemption certificate and created rate and boundary databases to simplify compliance, but origin vs. destination sourcing remains variable across states." The training video notes, "SSTP's uniform certificate and tax databases are major achievements, though sourcing rules still differ by state."
NEW QUESTION # 34
When checking the address of a new vendor, what is one potential red flag?
A. The vendor has the same address as one of the organization's own locations
B. The vendor does not appear to use a post office box
C. The vendor is located in an unincorporated area
D. The vendor's warehouse and its accounts receivable address are different
Answer: A
Explanation:
TheVendor Master Filetopic in the APS Certification Program highlights vendor validation to prevent fraud, including checking addresses for red flags. A significant red flag is when avendor's address matches one of the organization's own locations, as this may indicate insider fraud (e.g., an employee creating a fake vendor using a company address).
* Option A (The vendor has the same address as one of the organization's own locations): Correct.
This is a red flag, as it suggests potential fraud, such as an employee setting up a fictitious vendor at a company site.
* Option B (The vendor does not appear to use a post office box): Incorrect. Not using a P.O. box is not inherently suspicious; many legitimate vendors use physical addresses.
* Option C (The vendor's warehouse and its accounts receivable address are different): Incorrect.
Different addresses for operational and financial functions are common and not a red flag.
* Option D (The vendor is located in an unincorporated area): Incorrect. Location in an unincorporated area is not inherently suspicious and does not indicate fraud.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "A red flag during vendor address checks is when the vendor's address matches an organization's own location, indicating potential insider fraud." The training video notes, "Always verify vendor addresses against company locations to detect fraudulent setups."
NEW QUESTION # 35
Fixed assets include which of the following? I. Accounts receivable; II. Furniture and fixtures; III. Inventory.
A. II only
B. I and III only
C. I, II, and III
D. I and II only
Answer: A
Explanation:
ThePaymentstopic in the APS Certification Program includes understanding the types of accounts involved in AP transactions, such as assets, liabilities, and expenses. Fixed assets are long-term, tangible assets used in business operations, such as furniture and fixtures, which are not intended for sale. Accounts receivable and inventory, however, are not fixed assets; they are current assets, as they are expected to be converted to cash within a year.
* Item I (Accounts receivable): Accounts receivable represent money owed to the organization by customers for goods or services sold. They are classified ascurrent assets, not fixed assets, because they are short-term and liquid. This item is not a fixed asset.
* Item II (Furniture and fixtures): Furniture and fixtures (e.g., desks, chairs, office equipment) are tangible, long-term assets used in business operations. They are classified asfixed assetsbecause they have a useful life exceeding one year and are not intended for sale. This item is a fixed asset.
* Item III (Inventory): Inventory consists of goods held for sale or use in production. It is classified as a current assetbecause it is expected to be sold or used within a year. This item is not a fixed asset.
* Option A (I, II, and III): Incorrect, as only II is a fixed asset; I and III are current assets.
* Option B (I and II only): Incorrect, as I (accounts receivable) is not a fixed asset.
* Option C (II only): Correct, as furniture and fixtures (II) are the only fixed asset among the options.
* Option D (I and III only): Incorrect, as neither I (accounts receivable) nor III (inventory) are fixed assets.
Reference to IOFM APS Documents: The APS e-textbook underPaymentscovers basic accounting principles, including the classification of assets. It defines fixed assets as "tangible assets with a useful life of more than one year, such as furniture, fixtures, and equipment, used in business operations." The text distinguishes fixed assets from current assets like accounts receivable and inventory, which are "expected to be converted to cash or used within a year." The training video reinforces this by discussing how AP processes payments for fixed assets (e.g., capital expenditures) versus current assets (e.g., inventory purchases).
NEW QUESTION # 36
In order to be SOX compliant, the T&E process in the U.S. must:
A. I only (Ensure correct and accurate recordkeeping)
B. II only (Provide a reliable approval workflow)
C. I and III only (Ensure correct and accurate recordkeeping; Include report generation with visibility at all required levels)
D. I and II only (Ensure correct and accurate recordkeeping; Provide a reliable approval workflow)
Answer: D
Explanation:
The Sarbanes-Oxley Act (SOX) of 2002 imposes strict requirements on financial reporting and internal controls for U.S. public companies. For T&E processes, SOX compliance requires accurate recordkeeping to ensure financial transparency (Option I) and a reliable approval workflow to prevent fraud and ensure proper authorization (Option II). While report generation with visibility (Option III) is valuable for oversight, it is not explicitly mandated by SOX, which focuses on controls and documentation rather than specific reporting tools.
The web source from Tipalti states: "SOX compliance for T&E processes requires accurate recordkeeping to support financial reporting and a robust approval workflow to ensure proper authorization and prevent fraud." This supports Options I and II. Option III, while beneficial, is not a direct SOX requirement, as SOX emphasizes controls over reporting mechanisms.
The IOFM APS Certification Program covers "Tax and Regulatory Compliance," including SOX requirements for financial processes like T&E. The curriculum's focus on "peer-tested best practices" aligns with the need for accurate records and reliable approvals to meet SOX standards.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Tax and Regulatory Compliance Tipalti: "SOX compliance for T&E processes requires accurate recordkeeping to support financial reporting and a robust approval workflow"
NEW QUESTION # 37
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