The subject of this paper is the audit of intangible assets and their specifics. Intangible assets are assets controlled by an enterprise as a result of past events and from which an inflow of future economic benefits is expected. It is intangible because it has no physical form, but it can be identified and expressed in value. An auditor is an independent professional who examines whether the financial statements present a true and fair view in accordance with the financial reporting framework by which the certified auditor gives reasonable assurance about the objective presentation of all items in the financial statements. Specifics when performing an audit of intangible assets are the necessary procedures that are performed in order to reduce audit risk during the audit engagement to the lowest possible level. The paper analyses the audit process in the Republic of Croatia in accordance with International Standards on Auditing, presents intangible assets according to International Accounting Standards and Croatian Financial Reporting Standards, analyses the specifics of intangible assets during the audit engagement, and shows the reporting position of intangible assets on the example of publicly available data from the audit report "HNK Rijeka". The main goal of the paper is to prove the thesis that intangible assets should be approached with great interest, which means paying attention to audit and accounting regulations, with emphasis on auditing risks, because it can have a major impact on current financial results and future economic benefits. The most important risks during the audit of intangible assets are whether the assets exist according to International Accounting Standards, and whether they will be overestimated. The paper uses available domestic and foreign scientific literature, books by respected authors, International Standards on Auditing, International Accounting Standards and Croatian Financial Reporting Standards, as well as legal regulations related to accounting and auditing. Among the research methods, the deductive method, the method of analysis and synthesis and the method of proof are used to determine the accuracy of knowledge in this paper.