The Fed is audited, albeit with serious time-lapses. Either way, it's just inflammatory misinformation (read: propaganda) to try to sell this "audit" to the under-informed public, the way that Libertarians and Conservatives are doing it. Essentially, this bill would give our mostly corrupt and inept Congress the power to approve or deny the country's national banking decisions better left to Economists.
With that said, of course The Fed needs to be reformed. Forget "auditing" the Fed. Nationalize it & all the banks. The Fed is a tool that uses the tax-paying public as an insurance policy for failures of financial gambling at the national level. It's time we were rewarded for the wins as well.