SharePoint auditing came up this past week so I thought it would be good to pull up my VPC and review the options.  I went in to Site Settings and ensured the feature was Active, then clicked on the "Audit Log Reports" under Site Settings –> Site Collection Administration to view the reports.

Unfortunately, I got an error.  "The specified web does not contain a reporting metadata list".  Fortunately, a quick search yields a solution posted on jasbro’s technet blog.  He’s walking you through a trouble ticket in that post, but the fix is in there.  Run the below command and you’ll be all set:

stsadm -o activatefeature -name Reporting -url http://server/sitecollection/ -force