March 23, 2026
What Is an IP Audit?
An IP audit is a structured, detailed review of a company's intellectual property assets, both registered and unregistered. It traditionally covers patents, trademarks, copyrights, and trade secrets. In some cases, it may also include review of IP related contracts, such as licensing arrangements, commercial contracts, and employment/contractor agreements.
The audit process has three objectives:
The most effective audits involve close collaboration between counsel, who helps set goals and expectations, and the business teams, who understand the company's IP portfolio. They can take the form of either a comprehensive audit or a relatively simple search for any gaps in an organization’s IP protection. The more comprehensive audits may include interviews with organization employees, formal due diligence and IP searches, and a review of a company’s existing IP portfolio.
Once complete, the business and audit team can analyze the information and determine next steps to protect, leverage, or enhance the company’s IP portfolio. The audit report is a roadmap, not the destination. Its value is realized when findings are translated into action. For example, filing missing trademark, copyright, or patent applications, correcting ownership deficiencies, strengthening contracts, and aligning IP investment with strategic priorities.
When Should You Conduct One?
Audits should be a part of routine business practices. For many companies, an audit every two to four years keeps the portfolio current and limits the risk of gaps in IP protection. However, certain business events may make an IP audit especially important:
The most common mistake a business can make is waiting until after a problem arises to start an audit, as that can limit legal rights and increase costs. Organizations that conduct regular audits are able to limit legal risks and increase the value of their IP portfolio.
Our Intellectual Property team works with businesses of all sizes to design and conduct audits tailored to their specific objectives. Contact us to learn more and discuss how an audit can help.
Is It Time for an IP Audit?
Businesses invest significant time and money developing their intellectual property (IP), which can include branding, inventions, creative works, and proprietary know-how. Once created, however, business often fail to proactively monitor and assess whether their IP is adequately identified and protected. An IP audit bridges that gap, and for many organizations such audits are long overdue.What Is an IP Audit?
An IP audit is a structured, detailed review of a company's intellectual property assets, both registered and unregistered. It traditionally covers patents, trademarks, copyrights, and trade secrets. In some cases, it may also include review of IP related contracts, such as licensing arrangements, commercial contracts, and employment/contractor agreements.
The audit process has three objectives:
- Create an inventory of what you own;
- Assess whether it is sufficiently protected; and
- Ensure the portfolio is aligned with your business strategy.
The most effective audits involve close collaboration between counsel, who helps set goals and expectations, and the business teams, who understand the company's IP portfolio. They can take the form of either a comprehensive audit or a relatively simple search for any gaps in an organization’s IP protection. The more comprehensive audits may include interviews with organization employees, formal due diligence and IP searches, and a review of a company’s existing IP portfolio.
Once complete, the business and audit team can analyze the information and determine next steps to protect, leverage, or enhance the company’s IP portfolio. The audit report is a roadmap, not the destination. Its value is realized when findings are translated into action. For example, filing missing trademark, copyright, or patent applications, correcting ownership deficiencies, strengthening contracts, and aligning IP investment with strategic priorities.
When Should You Conduct One?
Audits should be a part of routine business practices. For many companies, an audit every two to four years keeps the portfolio current and limits the risk of gaps in IP protection. However, certain business events may make an IP audit especially important:
- Before a merger, acquisition, or investment round: IP gaps discovered under transaction pressure can delay closing or reduce valuation.
- When entering new markets or launching new products: confirm your IP is protected in new territories and on new offerings, while considering any risks posed by third party uses or registrations.
- After significant employee turnover: confirm ownership of IP developed by departing employees and protect against trade secret exposure.
- When monetizing or licensing IP: establish a clear picture of what you own and what it is worth before negotiations begin.
- In anticipation of or response to litigation: knowing your IP position before a dispute, not during discovery, is a significant advantage.
The most common mistake a business can make is waiting until after a problem arises to start an audit, as that can limit legal rights and increase costs. Organizations that conduct regular audits are able to limit legal risks and increase the value of their IP portfolio.
Our Intellectual Property team works with businesses of all sizes to design and conduct audits tailored to their specific objectives. Contact us to learn more and discuss how an audit can help.
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