In Microsoft 365 tenant, Enterprise application "Quest Security Management Platform - Audit" is reported as an impacted resource related to Microsoft notification for "Migrate Service Principals from the retiring Azure AD Graph APIs to Microsoft Graph". Checking the application Permissions, I see it using Windows Azure Active Directory API.
From the Audit consent and the contained permissions in the Security Management Platform,, we can easily see we're not using that old permission anymore. We have moved to the equivalent graph API permission for some time now.
There must be an old consent app that contains the legacy permission. You are welcome to revoke that old Azure AD Graph "Directory.Read.All" permission from the app, or you can delete the entire app and re-consent it again from the Security Management Platform. Whichever is easier.
This is documented. Go to Tenants and click "Edit Consents" on the tenant card. Locate Audit | Basic in the list and click the "View Details" link.
