Intellectual Property, also referred to as IP, is important to the operations and success of all companies. A company’s IP may include simple information like a customer list, which is significant to the success of the company. Hence, the list should be dealt with confidentiality.
A traditional definition of IP audit is the cataloging of the intellectual property assets of a business organization. An IP audit is a methodical and logical review of the IP used by the company, whether owned or acquired. The main goal of an IP audit is to identify all the IP that a business has.
An IP audit is not performed for accounting purposes, but rather an assessment of the legal status and worth of the company’s intellectual property, to accomplish the management and marketing goals of the company. An IP audit is a legal responsibility; therefore, it should be performed by a team of personnel with at least one legal counsel who is an expert in the intellectual property law.
A traditional definition of IP audit is the cataloging of the intellectual property assets of a business organization. An IP audit is a methodical and logical review of the IP used by the company, whether owned or acquired. The main goal of an IP audit is to identify all the IP that a business has.
An IP audit is not performed for accounting purposes, but rather an assessment of the legal status and worth of the company’s intellectual property, to accomplish the management and marketing goals of the company. An IP audit is a legal responsibility; therefore, it should be performed by a team of personnel with at least one legal counsel who is an expert in the intellectual property law.
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