Do you have a centralized inventory of hardware, software, information, and physical assets documented, maintained, and approved by management?

asset inventory

The asset inventory is a list of all systems, virtual machines, networking equipment, and other devices/software that comprises the system, or IT infrastructure.

This list should include details about each device including, as applicable, name, make and model, serial number or license key, location, IP address(es), MAC address(es), owner and/or technical contact, and function or description.  This information may be found in an asset management system or in a configuration management database (CMDB).

Why are they asking this?

Having a good understanding of what components comprise the environment is a key factor in managing the environment.  You cannot manage what you do not know you have.  

Asset inventories are key for planning disaster recovery, vulnerability management, proper asset disposal, capacity planning and other programs.

What do they expect?

A copy of the procedures for updating and reconciling the asset inventory may be requested as proof that there is an asset management program in place.  A copy of the asset list or CMDB, or a portion of said, may be requested to ensure that the assets are properly entered and maintained in the inventory.