Policy Audit Logs is a Version Control System used to save different versions of a policy so that any version is reviewable at will.
Policy Audit Logs from left navigation
Policy Audit logs also make it simple to keep track of and compare policy versions. This means that you may check the details of what changed, who changed what, and the status of the modification at any moment.
Note: All the actions that can be performed or the visibility in the policy audit logs is based on the role of the user. If you delete any policy, then audit logs will also get removed.
Versions will change only after each approval. It will have different versions of the same policy like v1, v2, and so on.