Schedule a job to run the 'Password View Policy Request Report' and make the auditors recipients of the report.
The report includes fields titled
Details and
Codes. They contain the
Reason Description and
Reference Code, as entered into the window that opens when attempting to view the password of an account for which Reason Required is specified in the Password View Policy.

Please, be aware that when an autoconnect is done, two records appear in the report for the same connection (in the image these are the first and the second records).
However, when a Password View is requested, just one record appears in the report (in the image these are the third and fourth records).