Are there audit trails on payroll element setup tables?

Our payroll manager would like to keep track of all changes made to payroll elements by payroll administrators, ideally before and after changes, time of the change and user info who made the changes.  Ultimately the payroll manager wants a report that shows the change activities of any payroll elements at any point of time period.

Is it possible to turn on audit trails on the relevant tables? If so, what tables should be audited, and how to turn the audit trail on?  Would this have any impact on the performance?

Thanks a lot!