Services

Aanoor Legal

IP Audit

Aanoor legal will give you complete support and help conduct intellectual property audit for your company. Through intellectual property rights audit, you can develop a clear understanding of the intellectual property of what your company owns. IP audit assesses and manage risk, gives remedy to any known problem and allow the implementation of intellectual property rights. IP audits are typically conducted with the help of our experienced lawyers who knows the IP concepts and technical aspects of the company’s business. It is like a self-evaluation that the organization regularly and consistently engages to determine the value of its assets.

Importance of intellectual property rights:

Helps to know what a company owns: Intellectual property audit helps to see the list of assets the company owns which in turn, helps to protect it from damage or loss. Also, it helps to make decisions on IP protections, development, licensing and exploitation.

Preserve and enhance the value of existing IP: IP audit helps to protect all the aspects of IP, the trademarks, trade secrets, and copyrightable materials. It also protects inventions by patent and product design which enhances the value of existing intellectual property rights.

Creates an opportunity to new profit from intellectual property: The excellent value for a company creates greater benefits in commercial and foreign markets. IP audit teaches innovators and decision-makers on how to protect IP before they are lost.

Creates an opportunity to new profit from intellectual property: IP audit assists companies to overcome the possible disputes and plan strategies thereof. An IP audit identifies the company’s weakness and helps to strengthen the organization through timely correction.

Prevents costly disputes: IP audit assists companies to overcome the possible disputes and plan strategies thereof. An IP audit identifies the company's weakness and helps to strengthen the organization through timely correction.

Steps involved in IP audit: Preparing audit plan in advance will help in achieving the best results out of audit. The following are various steps involved during IP audit:

Collecting information: The organization’s complete details pertaining to intellectual property is collected. The IP assets, business strategies and documents which includes company profiles, brochures and advertisements. The extent of knowledge of company’s employees regarding IP is important.

Preparing an audit plan: Once the information is collected the audit plan is set. The IP audit plan includes the purpose of the audit, scope, time schedule and the final audit report.

Conducting IP audit: The checklist is prepared so that chances of missing out on any important steps are minimised. The checklist should include reviewing of company’s IP strategies, auditing agreements, IP portfolio, information flow and analysis of the information gathered.

  • 1. Collecting information
  • 2. Preparing an audit plan
  • 3. Conducting IP audit