Intellectual property audits form one of the fundamental tools for efficient intellectual property management. The audit process involves identification of an organization's existing intellectual property, including ongoing and planned research and development, and comparison of that intellectual property with the measures being taken to protect it. The benefits of Intellectual Property Audits can be summarized below:

• This aforesaid comparison allows the organization to better match the efforts at protection to the value of specific intellectual property which results into maximize the value of its intellectual property.

• That value-maximized intellectual property can in turn provide the organization with competitive advantage, a way to attract capital investment or royalty revenue, and a significant advantage in any intellectual property dispute.

• Periodically evaluating your company's intellectual property portfolio helps in p reventing asset losses , such as expiration of patents due to non-payment of renewal fees etc.

• Intellectual Property Audits help you make decisions for the use of your assets. For example, you may consider donating some unused patents to a university and take advantage the tax benefits from the transfer. Also, a review of employment agreements will expose any risk of employees leaving with valuable trade secrets.

• The periodical auditing of intellectual property helps in making effective economical use of IP assets of any organization.

• It also addresses gaps in licensing and agreement procedures and minimizes risk of third party infringements.

• Determine position in relation to competitors becomes easy by IP Auditing.

• Intellectual Property Audits can serve as an important first step in maximizing intellectual property's promises and minimizing its pitfalls.