As provided for in
Civil Code §1365.5(a), boards of directors must review their association's financial records as follows:
a current reconciliation of the operating accounts on a quarterly basis,
a current reconciliation of the reserve accounts on a quarterly basis,
the current year's actual reserve revenues and expenses compared to the current year's budget, on a quarterly basis,
the latest bank statements for operating and reserve accounts,
an income and expense statement for the association's operating and reserve accounts on at least a quarterly basis, and
the reserve study annually. Civil Code §1365.5(e)
If an association's governing document impose a more stringent standard of review, boards must follow the higher requirements.