The form procedure is called many times, so as a procedure it "closes for good" many times as well.
For auditing, it would depend a lot on how you plan to audit. The ValidateRecord routine contains the record primed for saving (but not yet save). The PostUdate / PostInsert etc contain the record after being saved.
If you wanted to "cache" a copy of the record when the form opens, I'd likely do that in the PreUpdate routine.
cheers
Bruce