In Microsoft Dynamics CRM 2011, the auditing feature logs changes that are made to your customer records so that you can review those changes later. The auditing feature is designed to meet the auditing, compliance, security, and governance policies of many regulated enterprises.
The audit logs help you answer questions such as:
Who updated this field value on this record, and when?
What was the previous field value before it was updated?
What actions has this user taken recently?
Who deleted this record?
The following operations can be audited:
Create, update, and delete operations on records.
Changes to the sharing privileges of a record.
The N:N association or disassociation of records.
Changes to security roles.
Audit changes at the entity, attribute, and organization level. For example, enabling audit on an entity.
Deletion of audit logs.
When (date/time) a user accesses Microsoft Dynamics CRM data, for how long, and from what client. See the Auditing user access...