Standard QA/QC Procedures

There are alot of things to set standards but mainly Q.A use a cheaking fixture to check part profile,it is not tha only way but one of the most important to keep the quality of product up.

A problem tracking application should be (by qa, managers & developers) used to monitor problem (i.e. bugzilla), people assigned to each phase, problem fixed reassignments to qa, retesting and results. Usually reports and metrics can be derived from the tracking applications showing numbers and severity of issues, areas of code for issue, time frames to fix, etc.

To answer your 1st question: simple! bug tracking tool to track issues/bugs/defects. Generate daily and weekly defect reports and publish them to all the project stakeholders - BA, dev team, QA team, PM etc. You should also publish test report for each build (daily/weekly/bi-weekly).
These are standard practices.

Your seconds question is coming from a PM or sales guy who loves figures. I guess most of the Indian managers want to sound important and knowledgeable, and so create huge pile of useless documents.
Anyhoo, I would answer it this way: If you have put in new QA/QC protocols in place, look at the old data like how much time was taken by devs to fix bugs when excel files (let's say for example) were used to track bugs; How much time was wasted in managing those excel files, take into account different versions etc.; how much time to write and maintain test cases using excel files, in case you introduced the team to a test case management tool like QC, visual studio etc.
The best measure is always looking at the before and after scenarios!