This isn't a 'form' it's just a list.
So - Let's say the content of the list changes and they add (or remove) fields in the future.
It may be an excel spread sheet, and it may be a list, but both the content of the list (as in the fields of the list) and the content of the fields in the list can, and probably will, change over time.
A big part of this discussion that isn't really focused upon is the specific needs and requirements of the company and product(s). In some companies it may not be a big deal if a supplier is approved or not, nor is it a big deal keeping a history (whether you want to call each revision a record or not) of changes. On the other hand if the company is, for example, an aerospace company supplying the military navigation electronics (just as an example) a record of what suppliers were approved at a given time, as well as the approval process at that time, can be important. As I mentioned, I was in a company in the 1980's where the DIA came in and wanted a history of their ASL list going back several years, as well as the way (procedure) the company approved suppliers at that time as well as changes between then and the time they came in for the investigation.
On the other hand, if the company is making little plastic separators used to separate tile when it is laid, the list and changes to it probably aren't going to be a big deal.