I don't have any experience with their tool, I just googled a bit and came on their website.

According to the information on the website, it (ApexSQL LOG) can read the LOG-file and get audit information out of it. They also have a specific SQL Audit tool (ApexSQL Audit). Why don't you just contact them and ask for more information, a demonstration and/or use the trial version. They can tell you much more about the product(s) then we can on this forum.