When are the settings on screen SM201060 applied to truncate older audit logs based on the specified number of months?

We recently modified the ‘Keep Audit History for:’ setting from the default of 999 months to 2 months. 

Does anyone know if there is a schedule as to when the truncation occurs?

It has been 24 hours be we have not seen any change in the table size on the Space Usage screen.  I did run the ‘Calculate Used Space’ function on SM203525.

Audit settings on SM201060:

Thanks!

Laura