On main/meta sites, moderators can see the history of all flags and how they were handled. The interface isn't pretty, but it exists. We can also see flags raised by and against individual users, and oft-flagged users are brought to our attention.
Chat, however, is much more primitive when it comes to auditing flags. On chat, moderators can see flags as they happen, and we can see validated flags on the user, but there's no way to see the history of flags (validated and declined) for a room, nor a history of flags raised by a user. Most of us aren't going to see most flags as they happen, and when they're gone, they're gone (for all practical purposes). For some flags (like offensive) we'll see deleted messages in the transcript, if we review the whole transcript, but that's pretty much the only hint we get. And it doesn't help us with cases where people are flagging incorrectly, or flagging correctly but having flags dismissed incorrectly.
As a moderator I would like to be better able to review what's been going on in my rooms so that, if necessary, I can address bad patterns with the users involved before things get out of hand. I'd like a "flag history" link for each room that provides a couple things:
Aggregate data for the room for some time period, e.g. "200 flags raised this month, 190 validated, top flaggees (user list), maybe top flaggers" -- something that gives me the high-level view.
A reverse-chronological list of flagging events. Each entry should show the message, how it was flagged, who flagged, how it was handled, and who handled it. I understand that listing names might be seen as too invasive and am open to ideas about thresholds that could be put in place (e.g. only show flagger names if more than X% of their flags are declined). The goal here is to be able to investigate possible misuse of flags (either raising or handling); I don't care about that one flag that so-and-so fat-fingered.