What is a royalty/licensing audit, and why is it important?
Royalty and licensing audits are processes conducted to review and verify the accuracy and compliance of royalty payments and licensing agreements between two parties, typically a licensor (owner of intellectual property) and a licensee (party authorized to use the intellectual property). At Botwinick & Company, LLC, we can perform royalty and licensing audits in a range of industries, including the entertainment, technology, franchising, and manufacturing industries, where intellectual property plays a significant role. Key aspects involved in royalty and licensing audits include:
Royalty and licensing audits help maintain transparency, protect intellectual property rights, and resolve any disputes or discrepancies that may arise between the parties involved. Our team of royalty and licensing auditors have years of experience ensuring that both licensors and licensees are fulfilling their obligations and that royalty payments are accurate and fair.