xasharma I think there should be a panel/page to see at least which are flagged by users and which are post approvals
One of the extensions ideas I have had for a long while and which was planned to be started on this year is "Forseti", named after the Norse god of Justice. Forseti would be a new interface (we call them frontends), similar to the forum and admin, but solely for the purpose of moderative actions.
Based on the needs of my previous employer, Bokt, which is an extremely volatile community (on busy nights realtime updates are a mess to keep up with 😂 ), the need to have a separate interface entirely devoted to moderation is required. This resembles your use case @xasharma.
What is Forseti exactly?
Forseti would be an extensible interface, much like the forum, but with listing of posts and users (first and foremost), offering one central place to identify spam posts and accounts, but also find shadow accounts etc. Forseti lays down the foundation for these by providing an extensible interface. Extensions can then hook into it and add additional actions, filters and other tools necessary to only elevated users.
Now, this extension only exists as an idea, no work has started on it whatsoever and our ideas were to make the Forseti framework itself a premium extension on top of which free extensions can be installed. Nothing has been set in stone however.