I've been asked to oversee reviewing some 3rd party code (Freeware C# Sharepoint webpart in this case) before its inclusion on a internal corporate network. The big concerns are malicious code hidden in the webpart that will steal data/send information back to the webpart creator/etc, with a secondary concern being it will cause performance issues.
We have the source code, and in this case there is less than 2000 lines of code so it's not hard to manually run through it all and make sure everything is OK. For a larger work what sort of approach is needed to audit code to make sure, as much as possible that is it safe? We'll need to do this for larger codebases in the future.