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.