Arizona Checklist For Intellectual Property Audit
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FAQ
The first stage of any audit procedure is to verify the current intellectual property assets held by the business. This process involves a few different things ? first, assessing the quantity and type of data held about the portfolio.
An IP Audit is a systematic review of the intellectual properties owned, used or acquired by a business so as to assess and manage risk, remedy problems and implement best practices in IP asset management.
What is an intellectual property audit (IP audit)? Most businesses have intellectual property of some type, but they do not always recognise it. An IP audit is a review of the intellectual property 'state of affairs' in your business.
Audit Preparation Checklist Financial Documentation. Financial statements. General ledger with all transactions documented (covering fiscal year) ... Internal Control Documentation. Org charts. Personnel manual. ... Other Relevant Information. Major contracts with suppliers and/or customers. Investment activities summary.
During an audit you can: Identify existing and potential IP assets. Identify coverage and gaps in protecting your IP assets. Make sure you actually own the IP assets that are strategic to your business. Uncover unused assets that cost your business money. Identify under-utilized assets that can help you generate revenue.
How to conduct an IP Audit Get buy-in from the relevant individuals. ... Create an IP Register for the specific review. Request and gather existing policies, agreements, registers (such as an IP register), information, and documents (such as an IP Strategy Document) that are relevant to an IP audit.
In preparing for the IP Audit, the first step is to understand the goal of the IP Audit. This is followed by researching relevant data about the IP assets, a plan about the audit's scope, timeframe, and budget, and lastly, contracts that cover things like funding, licensing, R&D etc.
