re: #698 Sergey Romanov

What are the practical immediate implications of auditing the Fed, and where can I read about it (sane)?

If you allow the Fed to speak for itself…

…Periodic Reviews and Examinations
All Federal Reserve Banks and branches, like commercial depository institutions, are audited and examined regularly.

Internal audits are conducted by a permanent audit staff at each Reserve Bank. Each audit staff is headed by a general auditor who reports directly to the Bank’s board of directors. In addition, a private CPA firm conducts an annual examination of each Reserve Bank and its branches on behalf of the Federal Reserve Board. External audits were instituted in recent years in place of annual examinations by the Board of Governors to ensure total independence in this process.

Operations at each Federal Reserve Bank also are subject to review by the Government Accountability Office (GAO), the audit arm of the U.S. Congress. However, GAO auditors are restricted by law from reviewing monetary policy operations and transactions carried out by the Federal Reserve on behalf of foreign central banks. This restriction was imposed by Congress to assure the independence of the Federal Reserve from political influence.

[…]

Emphasis added.

Wiki has a lot of info, but in a quick scan I didn’t see stuff that points right to this question. I did notice that under “Critics of the Federal Reserve” the number one listed is the Ludwig von Mises Institute.