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IOFM APS Authorized Test Dumps & APS Latest Material

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q35-Q40):

NEW QUESTION # 35
The well-publicized business scandals that occurred in the early 2000s, particularly in the U.S., resulted in legislation that protects which class of employees?

A. Whistleblowers
B. Executives
C. Auditors
D. Hourly employees

Answer: A

Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers the Sarbanes-Oxley Act (SOX), enacted in response to corporate scandals like Enron and WorldCom in the early 2000s. A key provision of SOX is the protection ofwhistleblowers-employees who report fraudulent or illegal activities within their organization. Section 806 of SOX safeguards whistleblowers from retaliation, such as termination or discrimination, encouraging them to expose financial misconduct.
* Option A (Executives): SOX holds executives accountable (e.g., through CEO/CFO certifications under Section 302), but it does not specifically protect them. This option is incorrect.
* Option B (Whistleblowers): Correct. SOX's whistleblower protections ensure employees who report fraud or violations are shielded from retaliation, addressing the chilling effect seen in scandals like Enron.
* Option C (Auditors): While SOX strengthens auditor independence (e.g., via the Public Company Accounting Oversight Board), it does not classify auditors as a protected employee class. This option is incorrect.
* Option D (Hourly employees): SOX protections apply to all employees who report misconduct, not specifically hourly employees. Whistleblowers, regardless of role, are the protected class. This option is incorrect.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"The Sarbanes-Oxley Act, enacted after scandals like Enron, includes Section 806 to protect whistleblowers from retaliation when reporting financial misconduct." The training video emphasizes SOX's role in encouraging transparency, noting that "whistleblower protections ensure employees can safely report violations, strengthening internal controls."

NEW QUESTION # 36
Assigning a user name and password is one method of:

A. Robotic process automation
B. Optical character recognition
C. Data authentication
D. Security lockdown

Answer: C

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 # 37
An organization's mission statement is intended to provide which of the following?

A. Metrics and benchmarking information
B. Ethics and compliance standards
C. Policies and procedures
D. Methodology and direction

Answer: D

Explanation:
TheInternal Controlstopic in the APS Certification Program includes understanding the broader organizational context in which AP operates, including governance and strategic objectives. An organization's mission statement is a high-level declaration of its purpose, values, and strategic direction. It provides methodology and directionby guiding decision-making and aligning processes with the organization's goals, rather than detailing specific policies, ethics standards, or metrics.
* Option A (Policies and procedures): Policies and procedures are operational guidelines that dictate how tasks (e.g., AP processes) are performed. A mission statement does not provide these details; it sets a broader vision. This option is incorrect.
* Option B (Ethics and compliance standards): While a mission statement may reflect ethical values, it is not the primary vehicle for defining ethics and compliance standards, which are typically outlined in separate codes of conduct or compliance policies. This option is incorrect.
* Option C (Methodology and direction): The mission statement articulates the organization's purpose and strategic direction, providing a framework (methodology) for how the organization operates and where it is headed. This is the correct answer.
* Option D (Metrics and benchmarking information): Metrics and benchmarking are performance measurement tools, not part of a mission statement, which focuses on vision and purpose rather than quantitative data. This option is incorrect.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlsbriefly addresses organizational governance, noting that "a mission statement defines the organization's purpose and provides direction for all departments, including AP, to align their processes with strategic goals." The training video emphasizes that AP professionals must understand the organization's mission to ensure their work supports broader objectives, such as cost efficiency or vendor trust. The mission statement is described as a guiding framework, not a detailed operational or compliance document.

NEW QUESTION # 38
Which of the following are reasons an organization needs a sound records management plan? I. To afford some protection against lawsuits; II. To safeguard vital information; III. To analyze and manage expenditures.

A. I only
B. III only
C. I and II only
D. I, II, and III

Answer: D

Explanation:
TheInternal Controlstopic in the APS Certification Program highlights the importance of a sound records management plan for AP processes, particularly for compliance, security, and financialanalysis. A records management plan ensures that documents (e.g., invoices, vendor data) are organized, secure, and accessible, supporting legal protection, information security, and expenditure analysis.
* Item I (To afford some protection against lawsuits): A records management plan ensures documentation is available to defend against legal claims, such as vendor disputes or audits, providing evidence of compliance. This is a valid reason.
* Item II (To safeguard vital information): Records management protects sensitive data (e.g., vendor TINs, payment details) from loss or unauthorized access, ensuring confidentiality and compliance. This is a valid reason.
* Item III (To analyze and manage expenditures): Records management enables AP to track and analyze spending patterns, supporting budgeting and cost control. This is a valid reason.
* Option A (III only): Incorrect, as Items I and II are also valid reasons.
* Option B (I and II only): Incorrect, as Item III is also a valid reason.
* Option C (I, II, and III): Correct, as all three items are reasons for a sound records management plan.
* Option D (I only): Incorrect, as Items II and III are also valid reasons.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlsstates, "A sound records management plan protects against lawsuits by maintaining auditable records, safeguards vital information like vendor data, and enables expenditure analysis for cost management." The training video discusses records management as a critical control, citing its role in legal compliance, data security, and financial oversight.

NEW QUESTION # 39
Which of the following is the purpose of FATCA?

A. To respond to attempts by foreign governments to capture taxes on activities of U.S. persons in their countries
B. To make it more difficult for individuals or organizations to avoid paying taxes by banking outside of the U.S.
C. To ensure the privacy of individuals or organizations that bank outside of the U.S.
D. To make the rules regarding reporting payments made to U.S. persons and non-U.S. persons more consistent

Answer: B

Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers the Foreign Account Tax Compliance Act (FATCA), enacted in 2010 to combat tax evasion by U.S. taxpayers using foreign accounts.
FATCA requires foreign financial institutions (FFIs) to report U.S. account holders' information to the IRS, making it harder for individuals and organizations to hide income offshore and avoid U.S. taxes.
* Option A (To ensure the privacy of individuals or organizations that bank outside of the U.S.):
Incorrect. FATCA reduces privacy by requiring FFIs to report account details to the IRS, not protect it.
* Option B (To make the rules regarding reporting payments made to U.S. persons and non-U.S.
persons more consistent): Incorrect. FATCA focuses on reporting foreign accounts of U.S. taxpayers, not harmonizing payment reporting rules for U.S. and non-U.S. persons.
* Option C (To make it more difficult for individuals or organizations to avoid paying taxes by banking outside of the U.S.): Correct. FATCA's primary purpose is to prevent tax evasion by requiring FFIs and certain non-financial foreign entities to report U.S. account holders' financial information, ensuring taxable income is reported.
* Option D (To respond to attempts by foreign governments to capture taxes on activities of U.S.
persons in their countries): Incorrect. FATCA addresses U.S. tax compliance, not foreign governments' tax policies.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"FATCA was enacted to combat tax evasion by requiring foreign financial institutions to report U.S. account holders' information, making it difficult to avoid taxes through offshore accounts." TheMaster Guide to Form
1099 Compliance, a recommended IOFM resource, explains, "FATCA ensures compliance by imposing withholding on payments to non-compliant FFIs, targeting U.S. taxpayers hiding income abroad." The training video reinforces this, noting FATCA's role in "closing loopholes for offshore tax evasion."

NEW QUESTION # 40
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Sam Taylor Sam Taylor

Biography

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