Establishing an effective royalty audit process begins with assessing contract language to ensure terms are defined properly, employing a solid monitoring system, and creating clear polices to back it all up.
It’s a fact that royalties can and do get lost in translation, misinterpretation, error, confusion, and lack of oversight. Getting your royalty audit process right can help you avoid potential disputes while maintaining friendly, cooperative relationships with licensees. It can also preserve tens or even hundreds of thousands of dollars that might otherwise slip away from your TTO.
That’s why Technology Transfer Tactics’ Distance Learning Division recruited two highly experienced royalty audit professionals to lead this critical session:
Join our session leaders from Global Royalty Audits, Inc. as they discuss:
- Setting the stage: Advice for drafting royalty parameters and auditing expectations at the get-go
- Creating a monitoring system to spot red flags early-on and maintain good relations with licensees
- Steps for undertaking an internal audit and notifying licensee of action(s) while maintaining confidentiality
- Using your audit policies and monitoring system to create a paper trail in the event of an external audit or litigation
- When to engage outside auditors — is it worth taking this step? Sometimes yes, sometimes no.
- Nuances for auditing international agreements and agreements with research sponsors
- Resolution of audit procedures. Program leaders share examples of courses of action and past outcomes.
PLUS: Hear the toughest royalty auditing questions answered during the recorded Q&A portion of the program.
Meet your session leaders:
Glenn Tautrims, CPA, CA (Ontario), C.B.V.
Global Royalty Audits, Inc.
Glenn Tautrims is a Chartered Professional Accountant and is currently a Director with Global Royalty Audits, Inc. During the course of the last 21 years, Glenn has performed royalty-related consulting services on a national and multinational basis, including starting up and overseeing the Canadian licensing management practice for a large international accounting firm. Some of the industries Glenn has serviced include agricultural, aeronautical, applied materials, bio-tech, consumer products, high tech, pharmaceutical, publishing, software and telecommunications. In addition to his experience in a range of industries, Glenn has presented papers and conducted seminars on various intellectual property issues including Conducting Royalty Audits and Licensing Management Best Practices and Intellectual Property and Licensing Valuations.
Michael W. Swan, Esq., CPA
Global Royalty Audits, Inc.
Mike Swan is an attorney and Certified Professional Accountant. He is currently the President of Global Royalty Audits, Inc. In the past 20 years, Mike has performed more than 200 royalty examinations as part of his consulting. Some of the industries Mike has serviced include software, hardware, bio-technical, chemical, consumer products, pharmaceutical, automotive, telecommunications, publishing and professional athletes. In addition to his experience in a range of industries, Mike written and spoken on intellectual property issues at various Licensing Executive Society and other training courses, including a session dealing with Monitoring Royalties Under Chinese License Agreements.