Free IOFM APS Exam Questions

Become IOFM Certified with updated APS exam questions and correct answers

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Total 101 Questions | Updated On: Jun 15, 2026

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Question 1

COSO identifies each of the following elements as necessary for an effective control environment, EXCEPT:

A : Internal controls are monitored and evaluated

B : Staff work in self-directed teams

C : Information is distributed in a timely way

D : People know their responsibilities and limits of authority

Answer: B

Question 2

Which of the following IRS documents addresses travel & entertainment (T&E) expenses?

A : Notice 1009

B : Publication 463

C : Advisory 972

D : Form 1046

Answer: B

Question 3

To protect your organization from employee fraud, which of the following controls should be employed?

A : Require that all potential employees sign an NDA prior to hire

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 : Conduct detailed background checks on all new AP employees

Answer: D

Question 4

What is blockchain?

A : A distributed ledger system

B : A random password generator

C : An internal audit methodology

D : An accounts payable collaborative

Answer: A

Question 5

Which of the following IRS documents addresses travel & entertainment (T&E) expenses?

A : Notice 1009

B : Publication 463

C : Advisory 972

D : Form 1046

Answer: B

Page: 1 / 21

Total 101 Questions | Updated On: Jun 15, 2026

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