It's actually a feature built-in to O365. There are certain audits that are generated within 30 minutes, and others that take 24 hours.
See here: https://docs.microsoft.com/en-us/office365/securitycompliance/search-the-audit-log-in-security-and-compliance?redirectSourcePath=%252farticle%252fSearch-the-audit-log-in-the-Office-365-Security-Compliance-Center-0d4d0f35-390b-4518-800e-0c7ec95e946c
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