Capability Maturity Model Integration (CMMI® ) and International Organization for Standardization (ISO) 9001:2000 are software process development standards that can be adopted by organizations that are involved in software development. This paper discusses how an asset management system used by an organization for software testing be used to obtain both CMMI® and ISO 9001:2000 simultaneously. The Asset Management System is developed for an organization whose core business is software testing. In this paper we identify the process areas (CMMI® ) and key areas (ISO) that relates to software verification and validation; and how the Asset Management System helps the organization meet the requirements of CMMI® and ISO 9001:2000. © 2009 IEEE.