Should the federal reserve be audited?

It is audited.
To ensure financial accountability, the financial statements of the Federal Reserve Banks and the Board of Governors are audited annually by an independent outside auditor. In addition, the Government Accountability Office, as well as the Board’s Office of Inspector General, can audit Federal Reserve activities.
http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm

@jaytkay
If that is true, and the Federal Reserve is entirely transparent financially, why on earth is there a legislate every year that gets shot down, that calls for the Federal Reserve to be Audited?

@jangles [citation needed]

@jaytkay
I dont follow sir. Im not so arragont as to think i know and understand everything about this issue, thus why i asked the question. I feel I am missing something here, as i am awear of congress members like Ron Paul calling for such audits.
http://www.ronpaul.com/on-the-issues/audit-the-federal-reserve-hr-1207/

Today you told me (and your source appears to be quite reliable) that it is audited. (which embarrassingly enough i had no idea) Why then, are congressmen like Ron Paul calling for these audits? If indeed such audits are already happening i mean.

Sorry if I was glib. ”[citation needed]” means simply “please explain”. I was not aware of any legislation about audits. I asked for more information. Which you gave (thank you!).

Anyway, back to the original questions. Your info lets me give a better answer. I am not an expert, either. Without studying existing audits and the Paul/Grayson amendment, I cannot say how audits would change if it is enacted. But I can say:

1) Should the Federal Reserve be audited?
It is audited.

2) Should the Fed answer to Congress?
It does. The Paul/Grayson amendment is a great example. Congress created the Fed, And Congress can alter the Fed’s operating laws.

* ”[citation needed]” is from Wikipedia, used for statements without supporting facts, indicating more is needed.

@jangles
ha, i was rather ill informed about this issue.
I underatand what your saying completely.
thank you for helping me understand.