A method for auditing transaction data of an application software having one or more transaction modules by an audit module, wherein the audit module is implemented independent of the application software, the method comprising: selecting at least one audit parameter from at least one transaction database table on receiving an input from a user, wherein the transaction database table is associated with a transaction of the application software; extracting, by the audit module, metadata of the application software and associated transaction database based on at least one selected audit parameter, wherein the extracting comprises extracting all associated metadata and structural data of the application software; routing, by the audit module, the metadata to a corresponding storage location in an audit metadata database, wherein the audit metadata database includes metadata records of at least one of elements, attribute, or steps associated with transaction processes, and metadata details of the relationships between the transactions; updating automatically, by the audit module in case of changes in the application software, at least one of the metadata and pre-saved formats related to the transaction database, wherein the metadata includes at least one of metadata of transactions, database entity details, transactions to entity mapping, entity relationship and transaction data information; creating, by the audit module, at least one audit table script in an audit database based on the extracted metadata and at least one audit parameter, wherein at least one audit table script stores data changes of transactions of the application software in at least one audit table in the audit database and updating the audit database directly from the transaction database and the audit metadata database without involving the application software; generating, by the audit module, a trigger, wherein the trigger captures the data changes from the application software based on the at least one audit parameter; configuring, by the audit module on input by the user, at least one transaction of the application software whose data changes are to be captured based on the trigger; generating, by the audit module, a transaction specific audit report template based on the extracted metadata and the trigger; capturing, by the audit module, actual data changes from the application software based on the at least one configured transaction, wherein the captured actual data is filled in the transaction specific audit report template for providing an audit data report, wherein the audit data report allows one or more users to create and dynamically make changes using an interface; and optimizing, by the audit module, the actual data changes captured since last execution at a given time of the day. selecting at least one audit parameter from at least one transaction database table on receiving an input from a user, wherein the transaction database table is associated with a transaction of the application software; extracting, by the audit module, metadata of the application software and associated transaction database based on at least one selected audit parameter, wherein the extracting comprises extracting all associated metadata and structural data of the application software; routing, by the audit module, the metadata to a corresponding storage location in an audit metadata database, wherein the audit metadata database includes metadata records of at least one of elements, attribute, or steps associated with transaction processes, and metadata details of the relationships between the transactions; updating automatically, by the audit module in case of changes in the application software, at least one of the metadata and pre-saved formats related to the transaction database, wherein the metadata includes at least one of metadata of transactions, database entity details, transactions to entity mapping, entity relationship and transaction data information; creating, by the audit module, at least one audit table script in an audit database based on the extracted metadata and at least one audit parameter, wherein at least one audit table script stores data changes of transactions of the application software in at least one audit table in the audit database and updating the audit database directly from the transaction database and the audit metadata database without involving the application software; generating, by the audit module, a trigger, wherein the trigger captures the data changes from the application software based on the at least one audit parameter; configuring, by the audit module on input by the user, at least one transaction of the application software whose data changes are to be captured based on the trigger; generating, by the audit module, a transaction specific audit report template based on the extracted metadata and the trigger; capturing, by the audit module, actual data changes from the application software based on the at least one configured transaction, wherein the captured actual data is filled in the transaction specific audit report template for providing an audit data report, wherein the audit data report allows one or more users to create and dynamically make changes using an interface; and optimizing, by the audit module, the actual data changes captured since last execution at a given time of the day.