Yes Visual Distress Devices are mandatory and I believe the number of flares is 3.
See
http://www.uscgboating.org/assets/1/workflow_staging/Publications/420.PDF Page 10
The following are just a few of the many combinations of devices that will meet the requirements. (if you have flares check they aren't out of date)
• 3 hand-held red flares that are approved for day/night use .
• 1 hand-held red flare and 2 parachute flares for day/night use .
• 1 hand-held orange smoke signal and 2 floating orange smoke signals for day, and 1 electric distress light
The PFD requirements might be different (more strict)
The Fire extinguisher requirements is checked. I go with double the recommended.
Sound signal devices are required even at anchor.