In order to ensure that school districts are meeting the requirements of this chapter, the superintendent of public instruction shall monitor district programs no less than once every five years. Monitoring under this section may be conducted concurrently with other program reviews. The reviews shall monitor program components including:

(1) The process used by the district to identify highly capable students;

(2) Assessment data and other indicators to determine the degree to which districts are meeting the academic needs of identified students; and

(3) Highly capable program expenditures.