It is possible to write code in a VBA macro to track changes to a record. Unlike Last Changed information, this will provide historical change similar to an audit log. The Active Object macros would be an ideal place to insert custom code to create a log file.
The following article may be helpful in getting started. It's an example of creating a log file to track changes using an Excel spreadsheet. This log file can then be used as a data source to create your report.