Conversion settings are managed as ShareSets and created based on the needs of your project and the requirements of each active platform. Many of your choices here can have a big impact on the performance and quality of your audio project. After applying conversion settings ShareSets to the objects in your project, you can go back and adjust your ShareSets at any time to achieve the best possible quality within the constraints of the platform and the game. When you import audio files you can also speed up the process by re-using ShareSets.
For more information about ShareSets: