Through applying an asset management audit, the maturity of an organization in its asset management practices and processes can be determined. The term asset management as a concept basically evolved from maintenance management to provide a more comprehensive approach to managing the life of a particular physical asset or assets. According to the developed methodology, you can create the roadmap to asset management excellence through the application of an asset management audit.
11+ Asset Management Audit Templates in PDF | DOC
1. Asset Management Audit Results
2. Checklist for Asset Management Audit Template
3. Asset Management Maintenance Auditing Template
4. Performance Audit Asset Management System Review Report
5. Audit of IT Asset Management Report
6. Asset Management Audit Public Report
7. Audit of Capital Asset Management
8. Hardware Asset Management Audit Template
9. Internal Audit Asset Management
10. Asset Management Audit Risk Committee
11. Trade Member Asset Management Audit Template
12. Asset Management System Operational Audit
What Does Asset Management Include?
The complete business of asset management in industrial environments can be reported as eight unified processes. These include asset delivery and life cycle planning, equipment reliability, planning, and scheduling, maintenance management, and skills assessment and development. It also mentions the contracted services, materials or spares management, computerized maintenance management system.
Steps to Conduct an Assessment Management Audit
Step 1: A group discussion is facilitated by a consultant that addresses questions structured in line with the unified processes that are mentioned above. Each of the main processes is further broken down into sub-processes and uses a mixture of strong performance measures and the presence or absence of basic processes. The group will be made up of individuals who carry enough knowledge about the way the processes under examination operate on the plant.
Step 2: Then the responses or the answers to the questions are input directly to the database and the results are output in the form of charts. Charts are produced for each of the eight processes and are also combined into a single aggregated results chart.
Step 3: Now the results are presented and some recommendations to the clients are communicated. This session can also be conducted as a workshop and healthy discussion is encouraged on registering the change program. It also encourages identifying the potential barriers to the realization of the benefits.
What Does Asset Management Audit Examine?
An asset management audit critically examines the various activities of your business in certain important areas like:
- It inspects the business processes and activities that are employed through-out the physical asset life-cycle.
- It also assesses whether the business systems used to support these business activities and their degree of use.
- It examines the organizational arrangements and division of responsibilities for certain physical assets and also the maintenance management activities and processes.
- It also looks at the organizational culture as it usually related to physical and maintenance management.
Auditing Asset Management
Some traditional maintenance management audits are generally conducted through interviewing key role players in the organization with a standard list of questions. These perform walkabouts and studying some requested documents and key measures. The outcome of such audits is then given in the form of a score with areas of concern that are highlighted. Maintenance that is the part of the maintenance cycle, consists of some typically annual maintenance audits and a maintenance performance measurement process. The objective of the audit is to regulate how well the processes succeed in obtaining the results predicted by management in setting up the maintenance policies and procedures.
Tips for the Preparation of Asset Management Audit
It should be easy to conduct an annual asset auditing by following these tips below:
The first thing that you should do is plan ahead of time. One of the easy ways that you can do is consider creating a proactive internal audit plan. This simply means that you must devote time to small things like making proper documentation throughout the year, it can help to reduce time and stress involved in the last-minute asset audit preparation.
Carry Out a Random Sample Inventory
You may not have enough free time to perform a random sample inventory, but if you follow tip one and plan ahead or in advance, you should have plenty of time to conduct an inventory via random sample. In this inventory, a small or a random subset of assets requires to be inventoried and then be identified by a statistically valid sample. This means that it needs to represent all the items in your inventory. After completing a physical inventory, you can take some time to review your organization’s current policies and procedures when it comes to asset tracking.
Authorize Your Data
It is believed that the key to a successful audit is to clean and correct the data. You can invest in an automated asset management software to ensure whether your data is clean or not. This investment includes benefits like time and money savings as well as clean and accurate data that you can depend on for your audit. The right software should allow you to have all your asset information in one particular centralized location that will be right at your fingertips. Using such software helps in eliminating the process of digging through old emails and documents to find information the auditor may need.