The Audit module supports several object auditing modes:
Full - All object changes are fully audited. This mode is the default one.
Lightweight - Only object creation, deletion and modification are audited. Doesn't audit names and values of changed properties.
CreationOnly - Only object creation is audited. Intended for data importing purposes.
To see these modes in action, select audit mode via the 'Choose Audit Mode' Action and make some changes to the demo properties. After that, click 'Save' and look at the created audit log.