In determining "what should be" during an engagement to review an organization's treasury function, which of the following is the least desirable criterion against which to judge current operations?
1) The operations of the treasury function as documented during the last engagement.
2) Codification of best practices of the treasury function in relevant industries.
3) Organizational policies and procedures delegating authority and assigning responsibilities.
4) Finance textbook illustrations of generally accepted good treasury function practices.