Yes, bank reconciliations are required by Generally Accepted Accounting Principles (GAAP) in the United States.
GAAP requires that a company's financial statements present a fair and accurate representation of its financial position, performance, and cash flows. One way to ensure the accuracy of the financial statements is through bank reconciliations, which help identify and correct errors, omissions, or discrepancies in the company's financial records.
Under GAAP, companies are required to reconcile their bank statements regularly, typically monthly or quarterly, depending on the size and complexity of the organization.