We were engaged to perform certain royalty audit procedures relating to a license agreement. Our work consisted of reviewing the license agreement, licensee’s royalty reports, and information supporting the licensee’s royalty reports, conducting interviews of key personnel of the licensee, and determined the under or overpayments made by the licensee. We reviewed the supporting information provided by the licensee related to royalty reports for various forms of intellectual property included in the license agreement. We determined that licensee underpaid in terms of the royalties due to the licensor under the license agreement and calculated the amount of underpayment including interest. Our work was used by the licensor to collect the underpayment from the licensee and re-negotiate the license agreement with the licensee.

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