In brief

A review of a company’s IP assets may be undertaken for several reasons, including—stocktaking, strengthening company assets in the balance sheet and filling in gaps relating to company assets, valuing and exploiting company assets, identifying threats and minimising the risk of litigation, and developing a system of managing and maintaining the IP.

This Checklist is designed to identify key considerations which may arise during an audit of IP and accompanies Precedent: Intellectual property internal audit questionnaire.

For further information on issues raised by this Checklist, see the following content:

1. •

   for information on the types of IP a business may own, see Practice Notes: What IP assets a business may own and how best to protect them and IP right comparison table

2. •

   some IP rights were created as a result of the withdrawal of the UK from the EU—for information about new IP rights created as a consequence of Brexit, see Practice Notes: Trade mark rights before and after Brexit—comparison table and Design rights before and after Brexit—comparison table

3. •

   for information about best practice on protection