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I believe under the current law ATF is limited in how often it can conduct dealers outside of an active third party investigation. This was a result of the 1986 FOPA. Prior to that, ATF had determined that while revoking an FFL's license was very difficult, it was no problem at all to audit him repeatedly until he went out of business.
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That is why they do investigations. They can trace crime guns from the manufacturer to the dealer. If a certain dealer has a very high rate of guns used in crimes or found across the border it would certainly be cause to look over the dealers records.
Doing all of that has nothing to do with an AWB other than the fact that what the AG says he wants to stop with the AWB is already ilegal under current law so there should be no need for the AWB.