The purpose of this paper is to review current literature on knowledge management and highlight the importance of knowledge audit in bringing about a holistic knowledge solution to knowledge management. Based on the review of literature on knowledge management, this study points out the role of knowledge audit in solving the challenges in organizations’ tacit and explicit knowledge. Specifically, the paper concentrates on knowledge audit, knowledge risk and international and national standards on knowledge audit processes. The contribution of this study to literature are the suggestions that knowledge risk and international standards procedures could be applied to knowledge audit. The important conclusion of this paper is that knowledge risk management has not been fully explored in the study of knowledge audit. The paper addresses the research question of what organizations must embark on in the process of knowledge audit. The paper attempts to provide answer to the question by highlighting the importance of knowledge audit and the reasons why organizations carry out knowledge audit, and also the existing knowledge audit frameworks and methodologies.