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"I’m sure what a financial audit is, but I’m not sure at all what an audited decision-making process is."

That would be looking at the decision making process and the deliberations that lead to an actual decision, to see if the decision making process is complete, relevant, relying on accurate data, etc. And this is the part that you really don't want congress involved in, because they'll have them focused on all kinds of pet peeves.

When Congress set up the Federal Reserve they wanted it to be independent and not subject to political interference from Congress. So although they did provide for independent audits they set some restrictions on GAO audits as follows:

Restrictions on GAO Audits Contained in the Federal Banking Agencv Audit Act' (From 1993 GAO testimony)
Audits of the Federal Reserve Board and Federal Reserve banks may not
(1)include transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;
(2)deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;
transactions made under the direction of the Federal Open Market Committee; or
a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to items (I), (2), or (3).

Transactions with foreign banks and FOMC transactions were excluded, because the FED enters these transactions to stabilize a market or avoid a crisis. You don't want to telegraph those moves. The GAO is too close to Congress, and it's too political. So it's not that those transactions don't get audited, it's that the "GAO" is prohibited from auditing them, and this was set up by Congress.

The other part of the GAO restriction is the decision making processes themselves. And again this was to keep the FED from becoming a political football. Most of the decision making process is public record anyway. They publish the minutes of the FOMC. Every time the Board of Governor's meet, they immediately announce their interest rate policy and why it is what it is, and what they expect in the future.

If you look at the following testimony from the GAO on their restrictions, on page 6 even they recommend that if their authority to audit is expanded, that additional safeguards will be needed to prevent disclosure of sensitive information as the result of congress requested audits.

GAO 1993 testimony on their restrictions

What Ron Paul's bill would show

The problem with Ron Paul's bill is he wants to report everyone the FED and FOMC is currently doing transactions with on an annual basis. Well if the FED is trying to shore up a part of the financial system, and restore confidence, and you publish details of exactly which countries or institutions are in trouble, you're just throwing blood in the water. That will cause bank runs and people like George Soros will look for opportunities to undermine you and make a profit off of it.