Of course, and we already do. With power and authority comes a more significant risk of losing everything I hold dear to that authority. What other profession has to make split-second decisions involving the taking of a human life, or the deprivation of an individual's civil liberties? Because of the vast trust and responsibility conferred upon me by the public I'm sworn to protect, I'm also subject to dire consequences should I exhibit misconduct. My assets are subject to seizure through Fourth Amendment 1983 suits, etc. Agencies are subject to dire sanctions through the Department of Justice should they fail to corral misconduct among their officers. Anyone that says that police aren't held to higher standards of accountability are more than welcome to drive over the border to visit our neighbors to the south to see first-hand what absence of accountability looks like.
2) Do the police need higher standards of accountability as compared to the common citizen?