Intellectual Property Audits: What Are They? Why Are They Important?

An intellectual property (IP) audit is a comprehensive review that identifies all of a company’s IP assets and then evaluates the potential risks and opportunities associated with those assets. It’s a systematic process that leaves no stone unturned for a company as it will review any:

  • patents

  • domain names

  • industrial design

  • confidential information

  • inventions

  • moral rights

  • database rights

  • works of authorship

  • service marks

  • logos

  • trademarks

  • design rights

  • business or trade names

  • commercial secrets

  • computer software

A thorough IP audit involves not only a review of a company’s IP assets, but also the company’s IP-related agreements, policies and procedures, and competitors’ IP.

In addition to identifying all of your IP assets, an IP audit helps ensure a company that it has all of the necessary protections to enhance or preserve an IP while correcting any defects in IP rights; putting any unused IP to work; identifying risks that a company’s products or services infringe another’s IP; and implementing best practices for IP asset management,

Together, the audit allows companies to fully leverage their IPs to ensure they get the maximum value possible from each asset.

Interested in having an IP audit conducted for your own company?

Contact us at Truest Law and ask for an IP audit to ensure your company’s most valuable intangible assets are fully protected and leveraged.