"The specified web does not contain a reporting metadata list."
Go to Site Settings > Site Collection Administration > Site Collection audit Settings
Make sure that you enable audit events
Go to command prompt use below STSTADM command
stsadm -o activatefeature -name Reporting -url http://yourserver/sitecollection/ -force
Operation completed Successfully
Got to Audit log reports on the Site Actions/ Site Settings menu. You will able to see below screen.