AC in its present form won't perform as you wish, with a detailed (pardon the term) "paper trail". I'm okay with it, you may not be. We all know the environment we practice in.
While I understand your concern, I guess I don't see the difference between partners covering on-call responsibilities such as rounding on inpatients, returning patient calls, etc. Your partner logs in with your password, reviews labs, contacts the patient or staff, and puts an addendum in the patient's chart documenting his/her actions, clearly stating "Dr. Smith covering for Dr. Jones". Isn't this what happens in a paper chart? They either have your back, or they don't. You probably would agree that those of us who have been in multi-doc groups (I have partnered with up to 5 docs), come to know the reliability of different partners, and govern ourselves accordingly.
As far as satisfying lawyers, being careful is important. But catering to their paranoia will make us all nuts. You may want to ask your liability carrier whether you need more security in an EMR entry than with a paper chart. In response to why your partner knows "your" password, maybe all the covering physicians should have the same password?