An Intellectual Property (IP) Audit is a tool used to identify and assess the IP Assets of a business.
Performing an IP Audit of your business including its name, branding, products and services can help you to identify what IP Assets you have.
It is the best way to determine which ones are most valuable to your business and which ones are under threat from being copied. This allows you to then put measures in place for protecting your IP both now and into the future.
The Role Of An Asset Register In An IP Audit
The creation of an asset register will clarify who owns the IP, its value and how important it is to the success of your business.
The asset register details all of the IP Assets that a business owns alongside information such as:
- The assets description
- Date of creation/age
- Date of filing any associated IP applications
- Type of asset (patent, copyright, design right, trade mark, or plant breeders rights)
- Any valuation assessments that have been carried out
Keeping an updated and accurate asset register allows for easier auditing and better management of valuable IP assets.
Who Can Perform An IP Audit?
An IP Audit should be performed by an IP attorney. Ensuring you have an attorney with a strong background in and understanding of IP law helps to ensure no opportunities for registering assets are missed.
Overlooking assets that deserve IP protection could see your business miss out on potential revenue through licensing or franchising.
Additionally, failure to protect valuable IP assets could lead to significant commercial or financial consequences in the event of IP being copied.