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[General] Pdf Demo APS Download, New APS Exam Dumps

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【General】 Pdf Demo APS Download, New APS Exam Dumps

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q55-Q60):NEW QUESTION # 55
In order to be SOX compliant, the T&E process in the U.S. must:
  • A. II only (Provide a reliable approval workflow)
  • B. I and II only (Ensure correct and accurate recordkeeping; Provide a reliable approval workflow)
  • C. I only (Ensure correct and accurate recordkeeping)
  • D. I and III only (Ensure correct and accurate recordkeeping; Include report generation with visibility at all required levels)
Answer: B
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 # 56
Filing for a VAT refund is difficult because: I. Invoices must include the name and address of the company filing for the refund; II. Only authorized agents may apply for the refunds; III. An original invoice must be submitted.
  • A. I and III only
  • B. II only
  • C. I only
  • D. II and III only
Answer: A
Explanation:
TheInvoicestopic in the APS Certification Program covers the complexities of value-added tax (VAT) refunds, particularly for businesses operating in VAT jurisdictions (e.g., EU). VAT refund processes are stringent, requiring specific invoice details like the company's name and address (Item I) and, in many cases, original invoices (Item III). However,only authorized agents applying for refunds (Item II)is not universally true, as businesses or their tax representatives can often file directly, depending on the jurisdiction.
* Item I (Invoices must include the name and address of the company filing for the refund): True.
VAT regulations (e.g., EU VAT Directive) require invoices to include the claimant's name and address to verify eligibility. This contributes to refund difficulty.
* Item II (Only authorized agents may apply for the refunds): Not universally true. While some jurisdictions allow or require agents, businesses can often file directly or designate representatives without mandating third-party agents. This does not consistently contribute to difficulty.
* Item III (An original invoice must be submitted): True. Many VAT jurisdictions require original invoices (or certified copies) to validate claims, increasing administrative burden and difficulty.
* Option A (II only): Incorrect, as Item II is not universally applicable, and Items I and III are valid.
* Option B (I only): Incorrect, as Item III also contributes to refund difficulty.
* Option C (I and III only): Correct, as Items I and III are standard requirements that make VAT refunds difficult.
* Option D (II and III only): Incorrect, as Item II is not a universal requirement.
Reference to IOFM APS Documents: The APS e-textbook underInvoicesstates, "VAT refund processes are complex due to requirements like including the claimant's name and address on invoices and submitting original invoices." It notes that "while agents may assist, direct filing bybusinesses is often permitted, depending on the jurisdiction." The training video discusses VAT refunds, highlighting the need for "specific invoice details and original documents" as key challenges.

NEW QUESTION # 57
Examples of preventive controls include each of the following EXCEPT:
  • A. Use of approved vendor lists
  • B. Account reconciliation
  • C. T&E expenditure guidelines
  • D. Dollar limits on use of P-card
Answer: B
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 # 58
Assigning a user name and password is one method of:
  • A. Security lockdown
  • B. Data authentication
  • C. Robotic process automation
  • D. Optical character recognition
Answer: B
Explanation:
Assigning a user name and password is a method ofdata authentication, which verifies the identity of users accessing systems or data to ensure only authorized individuals can perform actions. This is a fundamental security control in accounts payable to protect sensitive financial information. Optical character recognition (Option A) is used for extracting data from documents, robotic process automation (Option B) automates repetitive tasks, and security lockdown (Option D) refers to broader measures like restricting system access during a breach, not specifically user authentication.
The web source from Esker states: "Data authentication, such as assigning user names and passwords, ensures that only authorized personnel can access sensitive AP systems and data." This directly supports Option C.
The IOFM APS Certification Program covers "Internal Controls," including security measures like authentication to protect AP processes. The curriculum's focus on "peer-tested best practices" aligns with using user names and passwords as a standard authentication method.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls Esker: "Data authentication, such as assigning user names and passwords, ensures that only authorized personnel can access sensitive AP systems"

NEW QUESTION # 59
To protect your organization from employee fraud, which of the following controls should be employed?
  • A. Conduct detailed background checks on all new AP employees
  • B. Ensure all staff members have accounting degrees from accredited universities
  • C. Hire only temporary employees and rotate them out every six to eight months
  • D. Require that all potential employees sign an NDA prior to hire
Answer: A
Explanation:
TheInternal Controlstopic in the APS Certification Program emphasizes preventing employee fraud through robust controls, particularly in AP, where access to payments and vendor data creates risks.Conducting detailed background checkson new AP employees is a standard control to verify integrity and reduce the risk of fraudulent behavior. Other options, such as NDAs, accounting degrees, or temporary hiring, are less effective or irrelevant for fraud prevention.
* Option A (Require that all potential employees sign an NDA prior to hire): Non-disclosure agreements (NDAs) protect confidential information but do not directly prevent fraud, which involves financial misconduct (e.g., embezzlement). This is not a primary fraud control.
* Option B (Ensure all staff members have accounting degrees): An accounting degree does not guarantee honesty or prevent fraud. Many AP roles require practical skills, not formal degrees. This is not a fraud control.
* Option C (Hire only temporary employees and rotate them out): Temporary staffing and frequent rotation disrupt continuity and may increase fraud risk due to lack of accountability. This is not a fraud control.
* Option D (Conduct detailed background checks on all new AP employees): Background checks verify criminal history, credit issues, and past employment, identifying potential fraud risks. This is a standard and effective control. Correct answer.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlsstates, "To prevent employee fraud, organizations should implement controls like detailed background checks for AP staff to ensure trustworthiness." It lists background checks as a key measure, alongside segregation of duties and surprise audits, but does not mention NDAs, degrees, or temporary staffing as fraud prevention controls. The training video reinforces this, citing background checks as essential for roles with financial access.

NEW QUESTION # 60
......
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