IOFM Accredited Payables Specialist (APS) Certification - APS Exam Practice Test
COSO identifies each of the following elements as necessary for an effective control environment, EXCEPT:
Correct Answer: B
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When maintaining an audit trail of changes to the vendor master file, which of the following should be recorded? I. Who requested the change; II. Who actually made the change; III. The date the change was made.
Correct Answer: A
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What is an efficient way to handle vendor contact information in the VMF that is likely to change frequently?
Correct Answer: C
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When auditing expense reports, one thing to pay particular attention to is:
Correct Answer: C
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Assigning a user name and password is one method of:
Correct Answer: C
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Which of the following are potential red flags for T&E expenses that fall outside of policy?
Correct Answer: C
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Where circumstances do not permit implementing ideal controls, an organization should put in place the next- best alternative, commonly referred to as:
Correct Answer: D
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Common elements required in a VAT-acceptable invoice include all of the following, EXCEPT:
Correct Answer: D
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Fixed assets include which of the following? I. Accounts receivable; II. Furniture and fixtures; III. Inventory.
Correct Answer: C
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