What are Intellectual Property Audits?

What are Intellectual Property Audits

Intellectual Property Audits constitute a key part of the support the Intellectual Property Office and your local Enterprise organisations commit to SMEs in the UK. Other European countries such as France and Italy have their own versions.

What are Intellectual Property Audits?

These audits, conducted by Intellectual Property attorneys, are the opportunity for SMEs to work with a team of advisers to take stock of their intangible assets (i.e. patents, inventions, trade marks, trade names, secret know-how, designs and copyright) and to devise an IP strategy to take their business forward.

The process starts with a discussion with the Intellectual Asset Manager within your local Enterprise organisation to agree on the scope of the audit and to explore the support, such as grants and advice on tax etc., on offer from them and the UK Intellectual Property Office.

The next step is the appointment of an Intellectual Property Attorney to conduct the audit and prepare a detailed report. The audit discovery phase can take the form of an interview, meeting up or the completion of a questionnaire. The report compiled at the end of the process will constitute an extremely useful management tool. It will contain a schedule of your current IP assets, a list of key recommendations for your business and will be packed with advice and recommendations on how to educate staff and colleagues on how to identify, capture, develop and manage intellectual property for the benefit of your business.

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