The meaning of knowledge within organisations has evolved to refer to something which differs from the classic definitions of knowledge. Knowledge within organisations can be defined as:

  “The information contained within the organisation about customers, products and services which is contained within people’s minds or filed in analogue or digital format”

Knowledge management has its origins in four different disciplines that were relatively independent until the late 1990’s. These four disciplines of knowledge management can be described as:

• Organisational information processing.
• Business intelligence.
• Organisational cognition.
• Organisational development.

The first had its starting point in computer technology, the second in information services, the third in research on organisational innovation, learning, and sense-making and the fourth in business strategy and human resource management.

Opportunities in this area for Chartered Accountants include the following: -

• Knowledge Audit
• Information authentication, management, interpretation and  evaluation
• Management of proprietary, external and individually held knowledge to add value to business
• Continuous real time reporting

A knowledge audit is a review of the firm’s knowledge assets and associated knowledge management systems .knowledge Audit identifies the core information and knowledge needs and uses in an organization. It identifies gaps, duplications, flows, and how they contribute to business goals. It is an extension of knowledge management initiatives of various organizations and ensures whether their initiatives lead to the desired objectives of knowledge management.