What is an intellectual property (IP) audit and how does one go about correcting defects?

An IP audit procedure that helps business owners whether they have good title to their IP assets, whether they own them free of encumbrances, and whether their IP is enforceable and protected against infringement.  An IP audit also furnishes critical information concerning potential breach or infringement by third parties or the company with respect to the latter's assets.  To rectify title defects associated with the IP, ownership agreements must be signed between the enterprise and the individuals who produced the IP assets.  For completeness defects, company owners should file for any missing trademarks, copyrights or patents and set up management and internal disclosure procedures for identifying and evaluating novel creations on a regular basis.