your engines were built in 2003, warranty started in 2005.
Audible Alarm
If an audible alarm has been installed on your boat, it will perform a brief self-test when the ignition key is turned to the RUN position.
Following is a description of how the alarm performs the self test.
EFI Engines - When the ignition switch is turned to RUN (key on, engine off), the alarm emits two short beeps to indicate that the ECM is performing a check of the sensors. If there are any problems detected by the ECM, the alarm will sound; otherwise, it will remain off.
I always instructed customers to turn the key to the on position and wait for the 2 beeps before turning it to the start position. This does 2 things, checks the alarm and allows the EFI fuel pressure come all the way up.
Don't use 2 hands and try to start both engines at the same time, it just leads to problems. Start them one at a time.
There should be 2 alarms ---- one for each engine.
The alarms were considered an option when your engines were installed, so you might not have them.
They were installed behind the dash during your boats years, that's where you should look for them.
I'm don't know much about Monterey boats. So don't know if it was common practice to install them or not. If not, the wiring for them is always there behind the dash. If you don't have them or their not working, I highly recommend installing/repairing them. They could save you many many $$$$!
Some customers think they are too loud, some think they aren't loud enough. For those people I would install lights in the dash, instead of or in addition to the alarms ---- very inexpensive upgrade.