Stout led an audit of an international vaccine and diagnostics company on behalf of a university research foundation. Our audit found that certain sales through one of the licensee’s foreign affiliates were omitted from the royalty base. This was due to a change to the licensee’s contract arrangement with the particular foreign affiliate. Specifically, as a result of the change, the revenue was separated out from the revenue line items that the licensee had been reporting. Our audit found hundreds of thousands in underpayments. Because the amount of underreporting exceeded the threshold specified in the license agreement, the licensee also paid for the entire cost of the audit.