Assuming there is a backup system running, some work by backing up any file which has changed during the previous 24 hours.
So if person A updates on Monday, person B on Tuesday, person A on Wednesday, person A on Thursday, it would be possible to retrieve all 4 versions (though after retrieval, you would need to rename them to track which was Monday, Tuesday, etc.
I thought that most MS Office files can keep track of the person who modified it (or does the summary information only record the original creator and not who modified it).
Of course it depends on your IT department and you may have to explain why you need to check (potentially dropping your work colleague in it)....
The backup method would be one where a regular "full backup" is made, and between one "full backup" and the next, "incremental backups" are made, so each day only the files changed on that day are copied for backup purposes.
This would often mean that a small portion (possibly 5%) of files were stored on the incremental backup each day, where the full backup will have 100% of the files, of course.
Restoring files can be a bit longer, because one goes to the last full backup, and then for each subsequent day, restores all the files which were modified.
So you first need to talk to someone in the IT department and ask them whether files are backed up each day, such that you could check the contents of a particular spreadsheet for each day over the past week / month...
Wishing you well with your quest....