It depends on the local environment. The way I think of it is: if I hire senior talent at $OMG annual salary, maybe more than managers make, I want to know they're DOING something. So daily status makes more sense. Then when a level of trust is established, should go to weekly, if management is at all competent.

The thing is, it's all about visibility. Can management look at your sprint board, either physical or online, jira agile board for example, or in some other tool, where they can see what's going on? That's a good place to start.