Yes, you need to build links to your site to acquire more PageRank, or Google ‘juice’ – or what we now call domain authority or trust. Google is a link-based search engine – it does not quite understand ‘good’ or ‘quality’ content – but it does understand ‘popular’ content. It can also usually identify poor, or THIN CONTENT – and it penalises your site for that – or – at least – it takes away the traffic you once had with an algorithm change. Google doesn’t like calling actions the take a ‘penalty’ – it doesn’t look good. They blame your ranking drops on their engineers getting better at identifying quality content or links, or the inverse – low-quality content and unnatural links. If they do take action your site for paid links – they call this a ‘Manual Action’ and you will get notified about it in Webmaster Tools if you sign up.
The audit is for all pages and not only one. What happens in the majority of the cases is that pages / posts have similarities so you can group them together. For example the pages of a website may be ok but the blog post pages may be missing titles. It’s a lot of work especially for a 500 pages website but you can start from the most important pages first and work your way to the rest