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: May 23, 2025

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Question 1

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 2

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 3

What is the current thinking on the practice of maintaining a petty cash fund?

A : It’s practically obsolete and should be eliminated, if possible

B : Three separate individuals should sign off on disbursements

C : It’s considered a best practice within service organizations and consulting businesses

D : It should be maintained by an executive in the treasury department

Answer: A

Question 4

Assigning a user name and password is one method of:

A : Optical character recognition

B : Robotic process automation

C : Data authentication

D : Security lockdown

Answer: C

Question 5

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

Page: 1 / 21

Total 101 Questions | Updated On: May 23, 2025

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