This security policy setting determines whether the operating system generates audit events when a handle to an object is opened or closed.
Only objects with configured system access control lists (SACLs) generate these events, and only if the attempted handle operation matches the SACL.
Important: Handle Manipulation events are only generated for object types where the corresponding File System or Registry Object Access subcategory is enabled. For more information, see Audit File System or Audit Registry.

Event volume: High, depending on how SACLs are configured

If this policy setting is configured, the following events are generated. The events appear on computers running Windows Server 2008 R2, Windows Server 2008, Windows 7, or Windows Vista.
4656: A handle to an object was requested.
4658: The handle to an object was closed.
4690: An attempt was made to duplicate a handle to an object.