One of the great things about using Google Drive is that the documents are dynamic. Gone are the days of sending someone a Word document, as a copy, them editing on it and you having no idea. So how do you see these changes?
Single click on a file in Google Drive and press the i key to activate the activity pane. You can also click on the icon in the toolbar that is an i in a circle.
Any files that have been recently edited, by you or someone else, will show up in the Recent filter. You can find this on the left hand side of Google Drive.
For this reason you can not organize the Recent filter. Instead, you can create your own filters by clicking on the filter icon in the search box at the top of Drive.
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If you want to see who has viewed a particular document, click on the upward trend icon in the upper right. (Note, this is not always available and can be disabled.)