North Carolina condo owner has big questions for their association's board

Our condo association board thinks they have the right to make all decisions such as hiring ofmanagement company and hiring service providers, yet they do not understand they have a fiduciary obligation to owners and that owners are the ones to vote for a new management company.

The board recently hired a management firm that was embezzling funds, and the board did not conduct the proper  investigation.

Isn't the board responsible if monies are not reimbursed to owners? How do we address this to board and owners? How do we demand that the board read and know condo law?