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ARTICLE · 16 OCTOBER 2020

IP Audits: What's In Your IP Portfolio?

Gowling WLG
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Increasingly in knowledge intensive businesses, intellectual property (IP) assets are key drivers to market success and valuation.

CanadaAccounting and Audit
Harvey Lim
Harvey Lim
James Longwell
James Longwell
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Increasingly in knowledge intensive businesses, intellectual property (IP) assets are key drivers to market success and valuation. Fundamental to the development of a robust IP strategy is a thorough understanding of the business' IP portfolio, which may include patents, trademarks, copyrights, trade secrets, domain names, and industrial designs. An IP audit provides just such an insight.

What is an IP Audit?

An IP audit is a systematic review of the IP owned and/or used by an entity. It involves identifying IP assets and assessing their nature and scope to evaluate potential risks and opportunities. Extensive audits also include reviewing third party rights. In many ways, an IP audit is similar to a due diligence review for an M&A deal.

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