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How can conducting an application audit mitigate our risk?

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You should typically run the application audit on a dedicated machine forcing the development team to handover all required source code items (dll’s, certificates, …). Even though the purpose of running an application audit is to gain insight into the quality of the application, it turns out that in most cases compilation is an issue in terms of missing components, hardcoding etc. Which is in itself is a bigger risk when teams / ownership changes.