Is there any functionality or reports available out of the box to view the data in the audit fields or have the data displayed in a list format in a portlet?
There is nothing existing out of the box as far as reporting or displaying in list portlets. A possible workaround could be to create a custom portlet with all of the audit fields, and export that portlet to excel. This will produce a concise list/report of audit info to look at. Additionally, the Global Audit Trail from the Administration menu could be used, but there is no option to export any of the data.