Creating Custom Alerts when things change

Would it be possible to have a functionality where we can create custom alerts when objects change, an example would be if the bill creater sets the Chart of Account value, but then one of the approver changes it, we would like for that to trigger a notification, to review if the change is correct or not - we have some instances where a prepaid have been changed back to expense account.

Another scenario would be if someone updates a workflow, or changes any settings, such as requiring an affidavit if there is no receipt. Currently there are no notifications that is available for these types of changes, and I would think with AI across the platform and the audit log, it would be easy to have these triggered.