Many efforts have been made to encode data as well as to hide data. Most users want not to lose the data that they desire to hide. The steganography is one of methods that users can hide data. Some steganography softwares use audio data among multimedia data. However, these commercialized audio steganography softwares have disadvantages that the existence of hidden messages can be easily recognized visually and only certain-sized data can be hidden. To solve these problems, this study suggested, designed and implemented the Dynamic Message Embedding (DME) algorithm. Also, to improve the security level of the secret message, the file encoding algorithm has been applied. Through the DME algorithm and the file encoding algorithm, StegoWaveK system that performs audio steganography was designed and implemented. Then, the suggested system and the commercialized audio steganography system were compared and analyzed on criteria of the Human Visible System (HVS), Human Auditory System (HAS), Statistical Analysis (SA), and Audio Measurement (AM).