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What is a Royalty Audit?

April 26, 2017audit Royalty

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What is a Royalty Audit?

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A royalty audit is typically an examination of the books and records of the licensee or distributor of intellectual property to determine if there were any payment miscalculations or underreporting of transactions related to the statements rendered and the royalties paid.

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Royalty Audit is carried out on behalf of the owner of Intellectual Property (IP) who has licensed that IP to a third party in exchange for payments based on usage (usually called “royalties”). The royalty audit is used to the check that the licensee is paying the correct royalties.