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Name: Asset Management Assurance and Audit
Acronym:
Type: Glossary Item


Definition:
An organisation’s structured processes for assuring and auditing the effectiveness of its assets, Asset Management and Asset Management system to ensure organizational and Asset Management objectives are being achieved and its assets fulfil their required purpose.

Statement:
Asset Management Assurance and Audit describes internal assurance processes, audit policies and procedures, internal and external audits, processes for reviewing audit findings and corrective actions as well as the use of external benchmarking.
Asset Management assurance is important for achieving desired organizational outcomes. Multiple levels of assurance are used to ensure that the intended outcomes are achieved. Multiple levels of assurance are used to assure different aspects of Asset Management activities including:
 
  • Assurance that services are delivered as required.
  • Assurance that technical and contractual obligations are met.
  • Assurance that internal and/or external auditors have complied with appropriate standards and outcomes have been achieved.
 
The purpose of the organisation’s internal audit function is to enhance and protect organizational value by providing risk-based and objective assurance, advice, and insights. For example, following the completion of an audit, recommendations for improvement are provided to organizational areas and actions are then taken to address the recommendations after they are agreed by the organizational area. Actions generally represent initiatives to strengthen existing controls or fill a control gap.
Management activities within the scope of this subject include:
 
  • Development of audit policies.
  • Development of audit processes.
  • Development of assurance framework and assurance program.
  • Execution of audit processes.
  • Findings Management.



Resource:
  • Reference
    • The Asset Management Landscape ISBN 978-0-9871799-1-3

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