CIVIL CODE
SECTION 5500

Accounting

5500.  Unless the governing documents impose more stringent
standards, the board shall do all of the following:
   (a) Review a current reconciliation of the association's operating
accounts on at least a quarterly basis.
   (b) Review a current reconciliation of the association's reserve
accounts on at least a quarterly basis.
   (c) Review, on at least a quarterly basis, the current year's
actual reserve revenues and expenses compared to the current year's
budget.
   (d) Review the latest account statements prepared by the financial
institutions where the association has its operating and reserve
accounts.
   (e) Review an income and expense statement for the association's
operating and reserve accounts on at least a quarterly basis.