I wasn't able to edit the initial question, so adding it here..
Just to make sure I am looking for the review process that happens internally within author.
For example: Dept A submits a form (With few fields etc..).
Dept B reviews it. If there are changes to be made, they assign it back to Dept A.
Dept A makes changes and submits it back.
Dept B moves this to Dept C.
At each step a version of form is saved and email notifications are sent to whoever is assigned. While all this happens in Author, once the review is complete, the final version can be published to the publishers for users to download and apply for whatever the form is for.