The Fed probably should be audited and I don’t think their hands are 100% clean, but basically I have to say you’re correct.
Getting rid of the Fed won’t be some magical solution, nor would ridiculous ideas like banning fractional reserve banking.
Too many people are willing to throw the baby out with the bathwater in these situations.
I think a lot of people don't realize the FED is actually already highly audited. It's just their policy decisons that aren't really audited. And most of those we know about as soon as they implement them.
The ones we don't know about, are typically loan arrangements with other central banks for currency exchange rate stabilization, or emergency lending like we've seen the last couple of years, and those would have an adverse effect to make public at the time they are done.