This post briefly discusses the new configuration auditing functionality to trace the changes done to the IIS configuration store. This is similar to the Metabase Auditing which was available in IIS 6.0 with SP1 on Windows 2003 Server; you can refer this
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Read the complete post at http://blogs.iis.net/webtopics/archive/2010/03/19/iis-7-5-how-to-enable-iis-configuration-auditing.aspx