Best practices will depend on what the document is for and what is necessary to meet all foreseeable requirements. In other words, best practice is to develop and stick to best practices. Since there are things that are considered unacceptable by those you work with, there are likely already best practices in place and you should ask them. All I can do is provide some examples that others use, which may only be useful to you if you are newly establishing procedure.
Ultimately one tends to track what was used in every lot (or even serial number!). If something different is used, it gets designated a new lot number, and all component lots and orders get tracked against that. This usually has to do with tracking defects rather than design engineering, and accurately mitigating (recalls) and sharing the risks/costs (sometimes involving litigation) with suppliers should a faulty components make it to the customer.
Some examples of how I've seen things handled:
A design is specified by applicable tolerances and pass/fail criteria. The part is then ordered from suppliers against this, and the supplier handles tracking of individual resistors. The supplier tests what they ship (might be random sampling), but the receiver tests at least a subset.
Manufacturers that need to track individual resistors such as the supplier of the paragraph above, can do so against internal part numbers which have the specification (tolerances) that must be met for such a part to qualify as that part number. Sources are qualified against the specification, and any qualified part is not considered a substitution. (Quality control handles first article inspections, etc so that design engineers are not usually needed unless the tolerances or test criteria are out of the ordinary.)
A small list of qalified suppliers, their equivalent part numbers, etc may be listed in the original spec by the design engineers for initial reference. The full list over time is usually tracked in a database, although design engineers may revise the spec with these for reference.
Selecting potential candidates must be done by someone who understands the specification, otherwise you may end up buying, testing, and failing parts that had no hope of meeting the spec. Usually suppliers know what they are selling and can direct you to what you need. If you are dealing with just a supplier's catalog, you must understand both that and the component specification. If you do not, all you can do is seek someone who can to make the decision and maybe also teach you to do so.