Innovation has become increasingly vital for achieving and maintaining competitive advantage in today's complex and uncertain business world. Business pioneers and market leaders continuously strive to improve their innovation capability. Innovation Auditing, as a relatively new and interesting topic in the field of Management of Knowledge and Technology, can be simply called the examination and measurement of existing status for the various aspects of Innovation Management in an organization, then an analytical comparison to the optimal or desired state; proposition of corrective actions and improvement suggestions in order to enhance the firm’s performance where innovation is involved. In this practical study, after a quick, primary literature review on innovation, several models for innovation audit from reputable references in advanced countries are studied. Accordingly, based on the goals, requirements, limitations and company type; the most appropriate audit model was selected, audit performed, and eventually, by analyzing the results and identifying the gaps, strengths and weaknesses of the organization, a number of improvement suggestions and solutions are presented so that the audited organization – and possibly other similar companies - can improve their innovation management and relevant business performance results. This work is developed as a low-complexity, pragmatic and efficient experience so that a workable and tested innovation audit tool can become available to the industry.
