scope and covers a variety of aspects.

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Before the dawn of the internet era, businesses focused more on tangible assets such as land, machinery, etc., than their intangible holdings. It was after the internet boom in the 1990s that IP became a vital part of a company’s bottom line. Patents, Trade Secrets, Copyrights, and Trademarks are the different types of IP owned by businesses. A strong IP portfolio adds enormous value to a business by making it more competitive and profitable. As companies realize the importance of IP to their commercial success, the demand for intellectual property audits has increased. The importance of IP audits has been realized by large companies with extensive portfolios as well as start-ups and small and medium-sized businesses that are just beginning their IP journey.

Table of Contents
What is IP Auditing?
Types of IP Audits
Importance of IP Audits
Preparing for the IP Audit
Cost of IP Audits
Conclusion
Below we explore the field of IP audits along with their meaning, types, costs, and importance to a successful business.

What is IP Auditing ?
An Intellectual Property Audit is a procedure conducted by professional auditors to systematically review and analyze a company’s patents. All intellectual property assets owned by the business are assesse Croatia Phone Number Resource d to manage risks, remedy problems, and implement best practices. An IP audit involves taking an inventory of the firm’s intellectual property assets. It then examines used and unused IP, the proper ownership of the IP, and instances of infringement. Such an assessment helps businesses make informed decisions and formulate effective intellectual property strategies.

Types of IP Audits
General: This type of generalized IP is chosen by new companies or those considering new marketing approaches, IP policies, standards, or major IP reorganizations. It has a broad
Event Driven: Also known as IP Due Diligence, event driven IP is conducted under special circumstances such as mergers & acquisitions, IPOs, new product/service launches, IP licensing, and in bankruptcy cases. The purpose is to assess the value and risks of a company’s IP assets.
Limited: Limited IP audits have a narrow scope and are limited to the valuation of a specific IP asset. Personal turnover determination, foreign IP filings, litigation preparation, etc. are some of the cases where Limited IP is used.