Audit Log And Usage Report - SharePoint Online

Scenario
 
Recently, one of my clients said that they wanted to have an audit log and usage report of Document Library using the out-of-box feature which would make it easy to track the files and their usage inside the document library. 
 
The final log report generated will look something like this. 
 
Audit Log and Usage Report - SharePoint Online 
 
Steps
  1. Create a new document library or you can use an existing one.
  2. Navigate to Site Settings > Site Collection Audit Settings and make changes as below.
    Audit Log and Usage Report - SharePoint Online
  3. Navigate to Site Settings > Audit Log Reports. You will see a page like the following one.

    Audit Log and Usage Report - SharePoint Online
You can see that here, we have multiple options to create audit logs but I will create a log using the "Custom Report" option. It provides an option to create a report from all sites/lists and we can also specify a particular library.
 
Cick on "Run a custom report" and provide the following details.
 
 Audit Log and Usage Report - SharePoint Online
Here, I've provided my custom library path for which I want the report to be generated. Also, I want the log for the events that I've marked selected in the checkbox.
 
Once you're done with the above changes, click OK. It will create reports on the path specified in the above step. You can access the report and verify.
 
Cheers!!