04.4
Performance evaluation and internal audit of the system
Is the asset management system itself audited, by people competent to audit it, on a programme derived from risk?
What goes wrong without it
Where an internal audit function exists, its asset management coverage is often limited to maintenance spend and procurement compliance, because those are the parts that look like the rest of the audit universe. The system itself, meaning the decision-making framework, the SAMP, the data, goes unexamined. The organisation is then assured about its transactions and unassured about the basis on which it spends billions.
What to examine
- Read the internal audit plan and identify what proportion of assurance effort is directed at the asset base relative to its share of the balance sheet.
- Check whether the audit programme considers the importance of the processes concerned and the results of previous audits, which the clause requires.
- Establish whether the auditors are competent in asset management, or competent in audit and reading across.
- Confirm management review inputs include what the standard specifies, and that outputs changed something.
Required by
- ISO 55001:2024, Clause 9.1, monitoring, measurement, analysis and evaluation, Clause 9.2, internal audit, and Clause 9.3, management review.
- Global Internal Audit Standards, Institute of Internal Auditors, effective 9 January 2025.
- The Three Lines Model, Institute of Internal Auditors, as revised in the Statement of Position of 8 July 2026.
Read the sources
- ISO 55001:2024, asset management system requirements2024 edition; read 2026-09-26.ISO’s product page: the publication details and ISO’s own summary of the standard, not the requirement text. The contents, foreword and introduction cited in this publication are taken from the standard’s preview pages hosted on the ANSI webstore, not from this page.
In the asset lifecycle method
The steps of the two methods that this domain examines.