What are the key areas of IP audit? Discuss

Intellectual property audits, once used primarily as a way to evaluate the assets of a company being acquired, sold, or merged, have become a valuable tool to strengthen intellectual property holdings, protect a company against liability, reduce costs, and even enhance the value of existing assets.

IP audit is an evaluation of all the intellectual property a company owns, and the use of the intellectual property of any other third party. Intellectual Assets that are audited may include copyright in any creative works developed in the Company such as product scripts, product manuals, drawings, web site designs, databases used and software used; trademarks/service marks, trade dress (which can include words, designs, packaging, smell or even distinctive sounds), domain names, patents on inventions or product designs, and trade secrets, including proprietary information such as product formulas financial data and customer lists.

IP audit typically includes identification of intellectual assets that are to be protected, enforced, and evaluated at the current level of protection and to determine whether the existing procedures are adequate to protect the company and its intellectual assets. Also, IP audits identify resources being spent to maintain assets that are no longer of value to the Company. Further, the IP audit can also identify potential conflicts (whether the company’s rights are being infringed, and whether it may be ____ _______ ______ ____ __________ ______ ___.
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