An IP Audit is a systematic review of the IP assets owned or used by an entity with an objective to assess the related threats and opportunities. 

Since IP is regulated by law, the IP Audit is mostly conducted by IP lawyers. The team will include financial consultants and economists, in case the scope of audit expands to a valuation of the IP assets. The main objectives of an IP Audit are to:

• understand what IP is owned and subsequently develop an inventory of IP assets;
• preserve and enhance the value of existing IP assets;
• assess if the IP assets are being used or not used;
• protect the prospective IP assets;
• maximize the returns from investment in IP;
• ensure that the auditee is not infringing a third-party IP rights;
• stop others from infringing the auditee’s IP rights;
• target-oriented research and development; and
• establish internal procedures

IP Audit need not necessarily be conducted by large companies, instead, we believe it is highly important for micro, small and medium enterprises, educational institutions, universities, research and development organizations, government organization, and non-government organizations (NGOs).

We have set procedures and standards to conduct for conducting IP audits as per the size and requirement of the entity.