According to The University of New South Wales UNSW Manual, policy, procedures and guidelines go through a variety of iterations and changes before being endorsed and approved for distribution amongst management and staff. Once published, it can be amended. However, there needs to be a tracking of versions to ensure that the most current version of the document is being distributed.
Version control can be used to track the changes that occur to a document and record its distribution throughout the document's life development and subsequent revision(s).
For more information on the principles and various styles of version control, see the weblinks below: