SharePoint Online: Audit Versioning Settings on All Lists and Libraries using PowerShell

#Import SharePoint Online module
Import-Module Microsoft.Online.SharePoint.Powershell

Function Audit-VersioningSettings()
{
  param
    (
        [Parameter(Mandatory=$true)] [string] $SiteURL,
        [Parameter(Mandatory=$true)] [string] $ReportOutput
    )
    Try {
        #Setup the context
        $Ctx = New-Object Microsoft.SharePoint.Client.ClientContext($SiteURL)
        $Ctx.Credentials = $Credentials
        
        #Get all subsites and Lists from the site
        $Web = $Ctx.Web
        $Ctx.Load($Web)
        $Ctx.Load($Web.Webs)  
        $Lists = $Web.Lists
        $Ctx.Load($Lists)        
        $Ctx.ExecuteQuery()
        
        $VersioningData = @()
        Write-host -f Yellow "Processing Site: "$SiteURL
        #Iterate through each list in a site and get versioning configuration
        ForEach($List in $Lists)
        {
            $VersioningData += New-Object PSObject -Property @{
            'Site' = $SiteURL
            'List' = $List.Title
            'Versioning Enabled' = $List.EnableVersioning
            'Major Versions Limit' = $List.MajorVersionLimit
            'Draft Versions Limit' = $List.MajorWithMinorVersionsLimit
            'Draft Item Security' = $List.DraftVersionVisibility
            'Content Approval Required' = $List.EnableModeration
            'Checkout Required' = $List.ForceCheckout
            }
        }
        #Export the data to CSV
        $VersioningData | Export-Csv $ReportOutput -Append -NoTypeInformation

        #Iterate through each subsite in the current web
        Foreach ($Subweb in $Web.Webs)
        {
            #Call the function recursively to process all subsites underneaththe current web
            Audit-VersioningSettings -SiteURL $Subweb.URL -ReportOutput $ReportOutput
        }
     }
    Catch {
        write-host -f Red "Error Auditing versioning Settings!" $_.Exception.Message
    } 
}

#Set parameter values
$SiteURL="https://crescent.sharepoint.com"
$ReportOutput="C:\Temp\VersioningData.csv"

#Get Credentials to connect
$Cred= Get-Credential
$Credentials = New-Object Microsoft.SharePoint.Client.SharePointOnlineCredentials($Cred.Username, $Cred.Password)

#Delete the Output report file if exists
if (Test-Path $ReportOutput) { Remove-Item $ReportOutput }

#Call the function to generate versioning data audit report
Audit-VersioningSettings -SiteURL $SiteURL -ReportOutput $ReportOutput

#Exclude system lists
$ExcludedLists = @("Access Requests","App Packages","appdata","appfiles","Apps in Testing","Cache Profiles","Composed Looks","Content and Structure Reports","Content type publishing error log","Converted Forms", "Device Channels","Form Templates","fpdatasources","Get started with Apps for Office and SharePoint","List Template Gallery", "Long Running Operation Status","Maintenance Log Library"            ,"Master Docs","Master Page Gallery","MicroFeed","NintexFormXml","Quick Deploy Items","Relationships List","Reusable Content","Reporting Metadata", "Reporting Templates", "Search Config List","Site Assets","Site Pages", "Solution Gallery","Style Library","Suggested Content Browser Locations","Theme Gallery", "TaxonomyHiddenList","User Information List","Web Part Gallery","wfpub","wfsvc","Workflow History","Workflow Tasks")

$VersioningData = @()
Write-host -f Yellow "Processing Site: "$SiteURL
#Iterate through each list in a site and get versioning configuration
ForEach($List in $Lists)
{
    if($ExcludedLists -NotContains $List.Title -and $List.Hidden -eq $False)
    {
        $VersioningData += New-Object PSObject -Property @{
        'Site' = $SiteURL
        'List' = $List.Title
        'Versioning Enabled' = $List.EnableVersioning
        'Major Versions Limit' = $List.MajorVersionLimit
        'Draft Versions Limit' = $List.MajorWithMinorVersionsLimit
        'Draft Item Security' = $List.DraftVersionVisibility
        'Content Approval Required' = $List.EnableModeration
        'Checkout Required' = $List.ForceCheckout
        }
    }
}