Most of the time calibration lab calibrates multimeters using calibrators like Fluke 5720A, 5700A, 5730A (Fluke's latest model with touchscreen
) those are in turn calibrated with a characterized voltage, resistance standard like the Fluke 732B DC Reference Standard and precision multimeters like 3458A.
These characterized voltage standard also called transfer standard it will be calibrated or compared with Josephson Junction Voltage System, usually these can be found in National Metrology Centers like NIST, OEM's like Agilent and Rohde & Schwarz have them too. These JJV's are bilaterally compared with other JJV's across the world, to constantly verify their accuracy. The most important thing in calibration is the measurement uncertainty, the lower the better. There is never an accurate lab, its just which lab have the least measurement uncertainty.
Another important part is, during calibration the lab take takes advantage of short term stability, usually when calibrating highly precise multimeter like 3458A, the reference multimeter will be required to be calibrated at 90 days interval, in certain case, the reference need to be calibrated at 24H Interval, this ensures the reference multimeter to be extremely accurate. Take a look at Agilent's Primary Standard Lab: