PECB ISO 55001 Lead Auditor flashcards
PECB ISO 55001 Lead Auditor · Build recall with a focused review session.
32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Asset
- An item, thing or entity that has potential or actual value to an organization; value may be tangible or intangible, financial or non-financial, and varies over the asset lifecycle.
- Asset management
- Coordinated activity of an organization to realize value from assets, translating organizational objectives into asset-related decisions, plans and activities across the lifecycle.
- Asset management system
- A management system for asset management whose function is to establish the asset management policy and objectives and the processes needed to achieve those objectives.
- ISO 55000 family
- ISO 55000 gives overview, principles and terminology; ISO 55001 specifies certifiable requirements; ISO 55002 provides guidance for applying ISO 55001.
- Value realization
- The extent to which assets contribute to organizational objectives, balancing performance, cost and risk over the asset lifecycle rather than minimizing cost alone.
- Audit
- A systematic, independent and documented process for obtaining objective evidence and evaluating it objectively to determine the extent to which audit criteria are fulfilled.
- Audit criteria
- The set of policies, procedures or requirements used as a reference against which objective evidence is compared to determine conformity or nonconformity.
- Audit evidence
- Records, statements of fact or other information relevant to the audit criteria that are verifiable; evidence is evaluated against criteria to produce audit findings.
- Nonconformity
- Non-fulfilment of a requirement; classified as major when it represents a system breakdown or significant risk, and minor when it is an isolated lapse.
- Audit independence
- The principle that auditors must be free from bias and conflict of interest and must not audit activities for which they are responsible, preserving objectivity.
- Context of the organization
- Clause 4 requires determining external and internal issues, interested parties and their requirements, and defining and documenting the system scope.
- Asset management policy
- Top management's documented statement of intent and direction for asset management, providing a framework for setting asset management objectives.
- Asset management objectives
- Measurable results to be achieved, consistent with the asset management policy, linked to organizational objectives and supported by plans to achieve them.
- Strategic asset management plan
- A documented plan that translates organizational objectives into asset management objectives and specifies the approach, activities and resources to achieve them.
- Asset management plan
- A documented plan specifying the activities, resources, responsibilities and timescales required to manage a group of assets to meet asset management objectives.
- Clause 8 operation
- Requires planning and control of operational processes, management of planned change, and control of outsourced processes against established criteria.
- Clause 9 performance evaluation
- Requires monitoring, measurement, analysis and evaluation, internal audit at planned intervals, and management review at planned intervals.
- Clause 10 improvement
- Requires handling nonconformities and corrective actions and continually improving the suitability, adequacy and effectiveness of the asset management system.
- Audit programme
- A set of one or more audits planned for a specific timeframe and purpose, managed by a competent person to achieve the programme's objectives.
- Audit plan
- A description of the activities and arrangements for a single audit, including schedule, roles, resources, criteria and scope.
- Document review
- Pre-audit examination of the asset management system documentation to understand the system, identify gaps and prepare relevant audit checklists.
- Risk-based audit planning
- Prioritizing audit time and sampling toward processes and asset types with higher risk to value realization, safety, compliance or continuity.
- Audit sampling
- Selecting a representative subset of processes, records or assets for examination; sampling must be justified and sufficient to support conclusions.
- Opening meeting
- A meeting at audit start confirming scope, criteria, plan, roles, communication, confidentiality and safety arrangements with the auditee.
- Evidence triangulation
- Confirming a fact through multiple independent sources such as interviews, observation and records before drawing a conclusion.
- Lifecycle trace
- Following a sampled asset through acquisition, operation, maintenance, performance monitoring and disposal to test linkage between plans and practice.
- Closing meeting
- A meeting at audit end presenting findings and conclusions, confirming factual accuracy and agreeing corrective action timelines and follow-up.
- Audit report
- A document recording audit objectives, scope, criteria, team, findings, conclusions and any limitations, issued to the auditee and relevant parties.
- Corrective action
- Action to eliminate the cause of a nonconformity and prevent recurrence; effectiveness is verified through follow-up.
- Follow-up audit
- An audit activity verifying that corrective actions have been implemented and are effective, with timing based on the severity of findings.
- Programme monitoring
- Tracking audit completion, findings trends, corrective action closure and resource use to adjust and improve the audit programme.
- Auditor competence
- The combination of asset management knowledge, audit principles and techniques, and understanding of the organization's context and assets required to perform audits.