To answer your last question first, AAP narratives should absolutely be updated annually. The narratives should correspondence to information associated with the statistical reports in your AAPs, and the statistical reports must be updated annually. In regard to the analysis of outreach that is required in the Vet and Disabled AAPs, this is an important section of the AAP narrative that absolutely should receive attention every year. The narrative should be revised each year to reflect information coming from your data metrics, and should also be revised to reflect specific outreach activities that effective and ineffective in the previous year. For the Vet and Disabled AAPs, a spreadsheet tracker might be sufficient to demonstrate specific outreach activities so long as the spreadsheet provides information on whether outreach activities were effective or ineffective. However, the spreadsheet would not be sufficient to deal with the required evaluation of outreach if it doesn't provide some kind of analysis of the data metrics collected on applicants, "hires", and so on. For the Executive Order AAP, a spreadsheet with outreach activities may be helpful. However, there are many statistical sections in the Executive Order AAP, and thus there are potentially a significant number of narratives to update in the Executive Order AAP.
You can use this OFCCP audit checklist to ensure you're doing what is required to maintain OFCCP's regulations including VEVRAA, Section 503, and EO 11246. Or request a demo to streamline your compliance and recruiting efforts.