Azure activity log tracks occurrences over a variety of services and allows a user to configure many instances from reporting to the console. Responsibility to make sure that the correct items are being tracked is placed to the subscription owner, however, Microsoft provides recommendations on which items should be included. As titled above, the project owner should record each instance of deletion for record keeping. An attacker may try to delete a project and without this enabled it may go unseen.
Further detail on Activity Logs is found on the Microsoft site: https://docs.microsoft.com/en-us/azure/azure-monitor/essentials/activity-log