Not completely. You need to consider using ArcGIS Server, a RDBMS, and maybe even something like branch-versioning based on what you have described.
You can set up a basic approval process like public submits a survey, default value is 'unreviewed', and then a staff member sets it to 'approved' as part of a review process.
You can consider using related records to track data over time through a table. e.g. maintenance record = new row, not updating the asset.
Otherwise all you have is the editor tracking, which only tracks creation and last edit dates.
