A module needs to be compiled, if "mod.e" is newer than "mod.m". It stops searching for MODULE, when PROC is encountered.

You can use EMScanner with my Foreach command to compile all modules which need to be compiled.
Example: Foreach `EMScanner EProcLister.e SELF` DO "s:ecx %s"

The output could be:
DevTools:ecx/my/EProcLister/mods/myApp.e DevTools:ecx/my/EProcLister/mods/titProcs_mcc.e DevTools:ecx/my/EProcLister/mods/winMain_mcc.e DevTools:ecx/my/EProcLister/mods/app_mcc.e

An alias would look like this:

Alias ecx "Foreach *`EMScanner [] ADDITSELF*` DO *"s:ecx %s*""

ecx EProcLister.e

Notice:
The OS4 version is only tested under MorphOS with OS4Emu, and produces hits, but works.

Usage: EMScanner <main source.e> [SELF=ADDITSELF] [NC=NoCheckForCompilation]

SELF=ADDITSELF	add the main source file at the end of the modules list
NC=NoCheckForCompilation	don't check, if the module needs to be compiled

Have fun with it, and if you have some ideas/bug reports send it to EMScanner(at)igracki(dot)de.