The embodiments herein provide a system and method for auditing a plurality of multimedia content, creating a contextual cycle of multimedia contents, and associating the plurality of the multimedia content with a source. The system comprises a plurality of multimedia input sources configured for receiving a plurality of multimedia content, an analysis and recognition module connected to the plurality of multimedia input sources and configured for analyzing and recognizing the plurality of the received multimedia contents, and an auditing console communicatively coupled with the analysis and recognition module.