Conducting an IP Audit

Start with a preliminary audit

If you have not conducted an IP audit before, now is a good time to start.

An IP audit will give you a broad picture of your IP assets. Many who conduct an IP audit for the first time are surprised by not only how many IP assets their company owns, but also how important these are to their business.

There are two types of IP audits:

• A preliminary audit, which gives you an overview of your IP, and the value it contributes to your enterprise; and
• A comprehensive audit, which is usually conducted when you have a specific purpose to address, such as due diligence or to enforce or defend legal action. In cases such as these you should engage a qualified IP practitioner to assist you (eg. a recognised accountant, lawyer or patent attorney).