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How to conduct an IP Audit

This article describes the best method of approaching (or process of conducting) an IP audit or an intangible asset audit.  It involves five steps:

Engage, gather documents, conduct background research and agree on audit plan (Step 1)

1. Get buy-in from the relevant individuals.  This can be facilitated by sending an appropriate communication to the relevant people.
2. Create an IP Register for the specific review.
3. Request and gather existing policies, agreements, registers (such as an IP register), information, and documents (such as an IP Strategy Document) that are relevant to an IP audit.  These will be recorded in the Register of Documents in the IP Register.
4. View demonstrations of the technology or products (both licensed software and Software as a Service or SaaS) to be audited
5. Gather information relevant to the departments or projects to be audited
6. Determine the documents to be reviewed and the people to be interviewed
7. Draft and agree a written audit plan - this includes the:
   1. businesses, departments, or projects to be audited
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