No - I'm afraid not. None of the current batch of Office-compatible apps support Microsoft Word 'Track Changes'. It's a much requested feature too but, so far, no developer has incorporated it into their app.
It's a pity because generally these Office apps do a reasonable job of supporting the various formats and styles within a Word document, making editting on the go with your iPad quite a practical proposition. But so many companies and employers use Track Changes that its non availability is a serious hindrance.
Tim
Scotland