SharePoint Audit Policy:
Update
This audit flag corresponds to the "Editing items" check box
on the "Site collection audit settings" page in Site Collection Administration.
This flag generates events when objects are updated. This flag is dependable when
it comes to list item and document updates for which events are logged more or less
as expected. (Sometimes updates to list items cause SharePoint to generate a document
update event instead of list item update.)
We have not been able to determine under what circumstances list and document library
updates are generated. We have seen the events but cannot determine what causes
them and we have noted numerous changes made to list and library settings that generate
no update event. Note that native SharePoint audit reports for library update events
show the item type as list - not library; LOGbinder for SharePoint corrects this.
No events for updates to site collection or site (aka "web") objects seem to be
generated.