One of the exam skills is configuring the audit policy, but it was made part of the exam's skill listing before some of the newer Office 365 features were available. There really isn't a lot to configure, as much of the auditing is enabled by default now (see the list of activity examples in the previous section). That being said, it's still helpful to be aware of the following information.
With an Office 365 E3 license, you're given 90 days of audit log retention. Office 365 E5 licenses get 365 days OR you can purchase the Office 365 Advanced Compliance add-on (currently in a package called Information Protection & Compliance), which would also grant 365 days' auditing.
As seen in the last section's screenshot for enabling auditing in SharePoint, you could choose specifically in a SharePoint site collection, to keep...