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Yes you can very well create index on audit table. One instance when you can go for indexing on audit table is when you have millions of records in you database and also when you have instances of querying your audit table. In that instance for increasing performance you must do indexing on audit table.
Suppose you want to create indexing on audit table date field named as auddate you can create indexing on audit table as below:
create index sample_inde on audit(to_char(auddate,'mm.yyyy'));
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