As for an actual audit, those have been done left and right. Audits only validate where the money is going not why.
Clearly they are doing something, budgeted spend is being cut and most notably if they weren't doing anything we wouldn't be having this discussion. We are also only a handful of weeks into the presidency. They're being very clear about what they are doing. Looking line by line at some of these cuts, I've yet to see anyone here actually debate the validity of all of the spend. Yes good programs will likely be impacted, things will be course corrected and brought back where appropriate.
It's a painful process no mater who is executing it. The only way to reduce the budgetary spend of the country is to do just that, cut spend. You start small and work your way up.