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The purpose of doing an intellectual property audit Evaluate the assets ? determine whether they are important or not. Establish ownership ? establish whether the organisation or a third party owns the IP assets.
An IP audit is a comprehensive review of a company's intellectual property portfolio, including patents, trademarks, copyrights, and trade secrets. It involves evaluating the strength of your IP, identifying any potential infringement risks, and implementing strategies to protect your IP.
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.
Although every audit process is unique, the audit process is similar for most engagements and normally consists of four stages: Planning (sometimes called Survey or Preliminary Review), Fieldwork, Audit Report and Follow-up Review. Client involvement is critical at each stage of the audit process.
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.
However, it is advisable to consider the following before auditing: The first step is to understand the specific needs for an IP audit in an organisation and have such an activity sanctioned by the important stakeholders ? both internal and external.
Step 1: Planning The auditor will review prior audits in your area and professional literature. The auditor will also research applicable policies and statutes and prepare a basic audit program to follow.
Stages of an Audit The first stage is the planning stage. In this stage, a corporation engages with the auditing firm to establish details, such as the level of engagement, procedures, and objectives. The second stage is the internal controls stage.