Event processing, a technology which enables businesses to track thousands of transactions in real time, could soon be used by accountants to conduct 'instant' audits following a deal between Microsoft and Progress Software, the owners of the Apama event processing platform.

The technology has mainly been applied to retail, transport and manufacturing businesses, but the deal between Microsoft and Progress will see the technology used to monitor thousands of share and securities trades in the financial services sector, opening up the possibility of use by accountants and auditors.

The deal will see Apama integrated with Microsoft operating systems and software, and will be used by financial services companies to comply with the new markets in financial instruments directive that will be introduced in the EU in November.

Mark Palmer, vice president and general manager of the Apama Division of Progress Software, said the use of Apama to comply with Mifid had generated interest from auditors, who have been exploring ways to deliver a vision of real time, instantaneous financial reporting.

'There is a lot of interest in this area. The applications for event processing software are numerous, and the use of Apama to comply with Mifid has demonstrated this,' Palmer said.

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