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Without years of professional expertise, conducting a royalty audit or participation audit can appear daunting. This article will provide a crash course on the most important things you should know to recover your clients’ unpaid monies and reduce exposure. In order to manage compliance, clients generally have a team of professionals consisting of attorneys (to negotiate fees, installments, deferments, and back-end calculations), a business manager, an agent, a manager, and an auditor—who should be seen as an integral component of the client’s team in managing compliance issues. Because there are likely unpaid monies that are owed to royalty and profit participation earners, “royalty audits”