Conducting an IP Audit

Summary of key concepts

• Nearly all companies have some form of IP that is valuable to its ongoing success.
• An IP audit is a systematic review of the IP created, owned, used or acquired by a company.
• There are two types of IP audits, a preliminary audit and a comprehensive audit.
• When undertaking an audit a number of issues should be addressed including identifying your IP, understanding the ownership and licencing arrangements you have in place. This will enable you to make an assessment of the type of IP education your staff require.
• Audits are undertaken as a part of general IP management, a precursor to an acquisition, to prepare for ASX listing, in preparation for a joint venture and in order to defend IP infringement.
• Start with a preliminary audit. The scope of an Audit is outlined in The Scope of the Audit.