The paper considers the importance of knowledge management in the new economy, and focuses on the concept of knowledge audit and its need for developing and monitoring the knowledge management implementation. A special focus is made on knowledge audit concept and the approaches and processes proposed and used in practice. The paper highlights also some tools utilized in knowledge audit and the metrics used for knowledge measurement and evaluation of knowledge management benefits for organizations. A special attention is paid on balanced scorecard methodology and social network analysis use in knowledge audit. A new extended knowledge audit approach is proposed and some measurement considerations. The paper presents results of surveys carried out in some small and medium organizations for determining the knowledge management needs and usage, as well as knowledge audit pilot results.
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