Pilotchute - CASR 61.062 and 61.747 has already been quoted by blackburn (above). 61.745 further clarifies that you need a flight review every 24 mths (or so).
Putting it all together, because the C208 is mentioned in Schedule 12, presuming you have already have done the necessary training, you will still need to do a flight review in the C208 every 24mths, which will cover you for the C172 but not vice versa.