What is an ‘intellectual property audit’?

An ‘intellectual property audit’ (IP audit) is an evaluation of the existing intellectual property (IP) assets of a business, organization, or individual. It identifies and evaluates which of these assets are needed to be effective and secured under the law. The IP audit is conducted for a variety of reasons mostly related to business law, but it is also used to ensure that an individual or company owns and has control over the rights to its creative works or inventions. IP audits in New York are conducted by qualified attorneys or other specialists familiar with IP law. The purpose of an IP audit is to establish the current and potential value of the IP assets of a company or individual, as well as to provide guidance on how to best exploit them. It may also provide useful insight into the organization’s current and future IP strategies. In conducting an IP audit, an attorney will investigate the scope of the intellectual property at issue. This involves researching the status of existing IP rights in the form of trademarks, copyrights, and patents. The attorney will also review the company’s IP portfolio, which may include trade secrets or information related to the company’s products or services. After an IP audit, the company or individual can then determine what IP rights it owns and how to best protect and enforce them.

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What is an ‘intellectual property audit’?

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