If you have 10g enterprise edition you should look at Oracle's Fine-Grained Auditing. It is definitely better than rolling your own.
But if you have a lesser version or for some reason FGA is not to your taste, here is how to do it. The key thing is: build a separate audit table for each application table.
I know this is not what you want to hear because it doesn't match the table structure you outlined above. But storing a row with OLD and NEW values for each column affected by an update is a really bad idea:
- It doesn't scale ( a single update touching ten columns spawns ten inserts)
- What about when you insert a record?
- It is a complete pain to assemble the state of a record at any given time
So, have an audit table for each application table, with an identical structure. That means including the CHANGED_TIMESTAMP and CHANGED_USER on the application table, but that is not a bad thing.
Finally, and you know where this is leading, have a trigger on each table which inserts a whole record with just the :NEW values into the audit table. The trigger should fire on INSERT and UPDATE. This gives the complete history, it is easy enough to diff two versions of the record. For a DELETE you will insert an audit record with just the primary key populated and all other columns empty.
Your objection will be that you have too many tables and too many columns to implement all these objects. But it is simple enough to generate the table and trigger DDL statements from the data dictionary (user_tables, user_tab_columns).
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