So you'll support an audit to verify that fact?
I don't think an audit is going to tell you how well it's working. An review of history and the severity of the cycles before and after the FED will.
All of the Federal Reserve Banks are audited by Independent auditors. I know the NY Fed is audited by Deloitte. Deloitte also audits the Federal Reserve Board of Governors. These audits and financial statements are available on the web. In addition each has internal auditors, all of which make sure the money is accounted for properly.
The only thing that is not audited is the policy decisions of the Federal Reserve Board of Governors and the Open Market Committee. And the reason for that is that when the FED is having to intervene in either the currency markets or to shore up the system somewhere, you usually do not want that information public, because it will add fuel to the fire. George Soros would probably love to make every FED decision and move public before the event. He'd make a killing.
If you reveal those decisions it should be only after a safe period of time. Probably at least 4 or 5 years and depending on the situation maybe longer.
There is some safety in that these decisions are not done in isolation by one or two individuals. They are done in committee, so the likelihood of foul play is diminished.
The most significant Federal Reserve Board decisions such as the interest rate changes are made public immediately after they meet.
But the Open Market Committee decisions which intervene in markets are not and I don't think they should be.
So no, I don't support an audit of the FED, because the only thing left to audit is the policy decisions. And current and recent decisions should be kept private. And older decisions are not likely to tell you how well the FED has performed. Economic statistics tell you that.
But if you must audit the policy decisions, don't release any information that is less than 5 years old.