LEGAL AUDITING OF INTELLECTUAL PROPERTY :
Definition of an IP Audit
(i) IP audit is a systematic review of the IP owned, used or acquired by a business so as to assess and manage risk, remedy problems and implement best practices in IP asset management.
(ii) IP audit involves undertaking a comprehensive review of a company’s IP assets, related agreements, relevant policies and compliance procedures.
(iii) An IP audit helps a business to make an inventory of its IP assets or update it and analyze:
(a) How the IP assets are used or unused.
(b) Whether the IP assets used by the business are owned by the company or by others.
(c) Whether these IP assets are infringing the rights of others or others are infringing on these rights.
(d) And determine, in the light of all this information, what actions are required to be taken with respect to each IP asset, or a portfolio of such assets, to serve the relevant business goals of the company.
(iv) An IP audit seeks to uncover unused or under-utilized assets, to identify any threats to a company’s bottom line, and to enable business managers to devise informed business and IP strategies that help maintain and improve its competitive position in the relevant market(s).