A cliché that no one could deny today is one that sound as the following; "Knowledge is power". We need to understand the fact that managing organizational knowledge recourses is as important as managing conventional organization resources. Knowledge management is a method, which aims to help organizations to effectively use knowledge. A knowledge audit is often the initial step of a knowledge management activity. This paper aims to present a 6-stage Knowledge Audit Model; derived from a comparative study performed on two knowledge audit methodologies. These 6 stages are centred on core processes and integrates the development of appropriate knowledge management strategies. The practical implementation of this knowledge audit model for knowledge auditing allows for the investigation and analysis of the current knowledge-environment, the measurement of the risk and opportunities faced by the organization with respect to its "knowledge health" and finally the recommendation of appropriate knowledge management strategies to be undertaken. © 2011 IEEE.