An "audit" is a misnomer in the sense that it isn't like they're expecting to find some secret fund with money going to Gray Davis' extended family. The accounting systems of states are so public to state employees these days that if something like that was going on, McClintock would have known about it months ago. The worst that they'll find is what's already been identified, the pay increases for various unions, the electric rate debacle, etc.
What they're really doing is identifying expenditure increases in the last couple years that can be most easily rolled back. They're going to look for the big money low-hanging fruit, then they'll make a list of options on the more politically difficult reduction possibilities.
Arnold is clearly behind her now, but the test will be when the cut list comes out and the media and legislature starts to whine. That's when he's got to be strong--Engler was strong when that happened, and thus was successful. Others, like then-Governor Voinovich in Ohio, caved in.
Remember also, the higher Arduin's profile, the more of a lightning rod she becomes. That makes her more expendable if Arnold chickens out. That's not to say that Arnold won't follow through, but it's a long process and we're months away from the real budgetary decisions.