ABSTRACT
Most innovative organisations have a business strategy and also an innovation strategy but few have an intellectual property (IP) strategy. IPR are intended to reward innovators and if they are not being used to promote commercial success they are not being used to effectively provide this reward. Developing an IP strategy demands the support of the management of the organisation. Using this cost-control strategy, organisations will have established in which countries they intend to market their products and so will know where they need to file patents, designs and trade marks. The audit as a management tool provides a systematic review of all the IP assets and agreements, practices and procedures to promote the business plan. During the audit all registered or unregistered intellectual assets that are owned or used by the business will be recorded. Finally the audit will review any legal proceedings and assess the outcome of any pending applications or legal actions.
