This security setting determines which users can specify object access auditing options for individual resources, such as files, Active Directory objects, and registry keys.
This security setting does not allow a user to enable file and object access auditing in general. For such auditing to be enabled, the Audit object access setting in Computer Configuration\Windows Settings\Security Settings\Local Policies\\Audit Policies must be configured.
You can view audited events in the security log of the Event Viewer. A user with this privilege can also view and clear the security log.
Computer Configuration\Windows Settings\Local Policies\User Rights Assignment
At least Windows XP SP2, Windows Server 2003
User Rights security settings are not registry keys