APS Exam Dumps : Accredited Payables Specialist (APS) Certification Exam

TheVendor Master Filetopic in the APS Certification Program addresses managing dynamic vendor data, such as contact information, which can change frequently. An efficient approach is toinclude a contractual requirementfor vendors to notify the organization in writing of personnel or contact changes, ensuring the VMF remains accurate without excessive manual effort.

Option A (Conduct a thorough audit semiannually): Inefficient, as semiannual audits are too infrequent for frequently changing data and resource-intensive.

Option B (Include only the vendor web address): Inefficient and risky, as websites may not provide current contact details, and manual checks are time-consuming.

Option C (Assign an individual to review weekly): Inefficient, as weekly reviews are labor-intensive and impractical for large vendor bases.

Option D (Include in the vendor contract notification of personnel changes): Correct. Contractual notification shifts responsibility to vendors, ensuring timely updates with minimal organizational effort.

Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, “To manage frequently changing contact information, include contractual terms requiring vendors to notify the organization of changes in writing, reducing manual updates.” The training video notes, “Efficient VMF management leverages vendor contracts to ensure timely contact updates, avoiding labor-intensive audits.”

TheInternal Controlstopic in the APS Certification Program addresses fraud prevention, referencing the Association of Certified Fraud Examiners (ACFE) for fraud trends. According to the ACFE’s Report to the Nations,asset misappropriationis the most common type of occupational fraud, involving schemes like theft of cash, inventory, or other assets. It is more frequent than corruption, financial misstatement, or intellectual property fraud due to its simplicity and accessibility in roles like AP.

Option A (Asset misappropriation): Correct. ACFE data consistently shows asset misappropriation as the most common fraud scheme, accounting for over 80% of cases, due to its prevalence in roles with access to funds or assets.

Option B (Intellectual property fraud): Intellectual property fraud is less common, as it requires specialized knowledge and access, and is not a primary AP concern. This is incorrect.

**Option C (Corruption (энер

Answer: A

TheInternal Controlstopic in the APS Certification Program addresses fraud prevention, referencing the Association of Certified Fraud Examiners (ACFE) for fraud trends. According to the ACFE’sReport to the Nations,asset misappropriationis the most common type of occupational fraud, involving schemes like theft of cash, inventory, or other assets. It is more frequent than corruption, financial misstatement, or intellectual property fraud due to its simplicity and accessibility in roles like accounts payable (AP).

Option A (Asset misappropriation): Correct. The ACFE’sReport to the Nations(2022 edition, as referenced in IOFM materials) states that asset misappropriation accounts for approximately 86% of occupational fraud cases, making it the most common scheme. Examples include stealing cash, falsifying expense reports, or misusing company assets, which are prevalent in AP due to access to payments and vendor data.

Option B (Intellectual property fraud): Intellectual property fraud, such as theft of trade secrets, is less common (less than 5% of cases per ACFE) and typically involves specialized roles, not AP. This is incorrect.

Option C (Corruption (bribery)): Corruption, including bribery and kickbacks, accounts for about 38% of cases (often overlapping with other schemes), but is less frequent than asset misappropriation. This is incorrect.

Option D (Financial misstatement): Financial misstatement, such as falsifying financial reports, is the least common (around 10% of cases) but often involves the highest financial impact. This is incorrect.

Reference to IOFM APS Documents: The APS e-textbook underInternal Controlscites the ACFE’sReport to the Nations, stating, “Asset misappropriation is the most common fraud scheme, comprising over 80% of cases, due to its ease of execution in roles like AP.” The training videodiscusses fraud risks in AP, emphasizing that “per the ACFE, asset misappropriation, such as cash theft or fraudulent payments, is the most frequent fraud type.”

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.