IOFM APS Exam With Confidence Using Practice Dumps

Vendor calls to the accounts payable (AP) department often stem from inquiries about invoice status, payment timing, or discrepancies. Providing access to a supplier portal (Option I) allows vendors to check invoice and payment status online, reducing the need for direct contact. Including as much information as possible on the remittance advice (Option III) clarifies payment details, addressing common vendor questions. Assigning specific individuals to interact with specific vendors (Option II) may streamline internal processes but does not directly reduce vendor calls, as it does not provide vendors with self-service tools or additional information.

The web source from Esker states: “Supplier portals reduce vendor inquiries by allowing vendors to track invoice and payment status in real-time… Detailed remittance advice with comprehensive payment information minimizes follow-up calls from vendors.” This supports Options I and III. Option II is not mentioned as a direct method for reducing vendor calls, as it primarily affects internal AP workflows.

The IOFM APS Certification Program covers “Internal Controls,” including strategies to improve AP efficiency and vendor relations. The curriculum’s focus on “peer-tested best practices” aligns with using supplier portals and detailed remittance advice to minimize vendor inquiries.

TheInternal Controlstopic in the APS Certification Program emphasizes fraud prevention, including check fraud, which is a significant risk in AP due to the handling of payments. Check fraud can occur throughcheck alteration(modifying payee or amount),invalid payments(payments to fraudulent vendors or for unauthorized transactions), andstolen issued checks(checks intercepted and cashed fraudulently). All three are recognized methods of check fraud.

Item I (Check alteration): Altering a check’s payee, amount, or date is a common fraud method, often mitigated by controls like positive pay. This is a valid way.

Item II (Invalid payments): Payments to fictitious vendors or for unauthorized purposes (e.g., duplicate invoices) constitute fraud, often enabled by weak vendor validation. This is a valid way.

Item III (Stolen issued checks): Stealing issued checks (e.g., from mail) and cashing them fraudulently is a well-documented fraud risk, mitigated by secure check handling. This is a valid way.

Option A (I, II, and III): Correct, as all three are ways organizations suffer from check fraud.

Option B (II and III only): Incorrect, as Item I is also a valid method.

Option C (I and III only): Incorrect, as Item II is also a valid method.

Option D (I and II only): Incorrect, as Item III is also a valid method.

Reference to IOFM APS Documents: The APS e-textbook underInternal Controlslists “check alteration, invalid payments to fraudulent vendors, and stolen checks” as common check fraud methods. It emphasizes controls like positive pay and secure check storage to mitigate these risks. The training video discusses check fraud scenarios, citing all three methods as prevalent in AP processes.

The current thinking on automation of Travel and Entertainment (T&E) expense handling, reporting, and reimbursement is that itreduces processing costs, thereby increasing efficiency in handling T&E data. Automation streamlines tasks like receipt capture, expense report submission,approval workflows, and reimbursement, reducing manual effort and errors while improving compliance and visibility.

The web source from SAP Concur states: “T&E automation significantly reduces processing costs by streamlining expense reporting, improving accuracy, and increasing efficiency in handling T&E data.” This directly supports Option D. The other options are incorrect:

Option A: Automation minimizes, not perpetuates, manual work in modern T&E systems.

Option B: Automation strengthens controls, reducing loopholes through features like policy checks.

Option C: T&E automation is well-established, not too new to evaluate.

The IOFM APS Certification Program covers “Travel and Entertainment (T&E),” emphasizing the benefits of automation in expense management. The curriculum’s focus on “peer-tested best practices” aligns with the efficiency and cost-saving benefits of T&E automation.