What is an audit action sheet? An audit action sheet is little more than a spreadsheet that is set up to address three things. What are the pieces of intellectual property held in the portfolio, whether they’re software, whether they’re hardware, whether they’re trade secrets, and so what not; and then also then to capture the priority of those pieces of software, those pieces of intangible assets to the people that are valuing it, the clients; and then also the priority of those pieces of intellectual property and how they will fit together in an audit, because if you don’t understand what is important to your client as you’re doing the audit you may miss or you may devalue something that is actually quite valuable to the client.