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Reading Business and Legal Audit FAQs

Why should I bother conducting an intellectual property audit?

Intellectual property law is a minefield area, characterised by a fast pace of change and dynamism.  Conducting an intellectual property audit will allow you to:

• Ascertain the intellectual property your business owns
• Ascertain the nature of the rights you have
• Identify how compliant you are with intellectual property law and whether you have infringed on other’s rights
• Identify unused intellectual property, which could be sold or leased to other businesses
• Identify intellectual property that is in need of registration (new technology, trademarks etc.)

Why bother conducting a contractual audit?

The main purposes of a contractual audit are to:

• Ascertain the contracts your business is currently engaged in.
• Assess how compliant you are with the obligations in the contracts as well as contract law as a whole.
• Identify contracts that can be renegotiated according to prevailing market conditions.
• Avoid contractual disputes or breaching contracts.

What contracts should I review in a contractual audit?

• Supplier contracts
• Agency contracts
• Distribution contracts
• Franchise contracts
• Employment contracts
• Intellectual property leases and licenses
• Commercial property leases and licenses

Why bother conducting an employment law audit?

Employment law is a very fast-changing area of the law that is sometimes difficult to keep up with.  Conducting an employment law audit will allow you to:

• Maintain and implement employment policies that are consistent with the law.
• Avoid or lessen instances of disputes in the workplace, saving you time and money.
• Introduce and manage HR policy changes.
• Improve productivity and morale.