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Intellectual property, be it patents, trademarks, copyrights, are property, and therefore there’s a value to them. And when you go to the bank to borrow money, or you have a merger, or you have people working for you, this becomes part of the value of your company. And an audit is where a particularly kind of accountant will be able to go in, they’re skilled in evaluating what your patent is worth, just like, for example, if they were to do an appraisal of your home, they would look at comparables.

Well, the same thing here. They look at the market. They see why, what value might be attached to your patent. Who has something like it? Has your patent changed the market? Have your sales changed because you have that particular patent? And this evaluation becomes part of the value of your business.

And an audit will try to estimate what your patent portfolio is worth.